On Behalf of developers | May 15, 2018 | Foreclosure
No matter how one looks at it, foreclosure can be one of the most frightening experiences a Mississippi resident can face. Home is a place of security, not uncertainty. It is for this reason that many homeowners attempt to avoid the process altogether. While this is not always possible, there are a number of strategies residents can keep in their back pockets to best deal with this stressful process.
In some cases, it is possible to avoid this tricky financial predicament. As HGTV points out, some banks are more empathetic than others when it comes to foreclosure. Known as a “workout,” some homeowners opt for a negotiation with the lender, in which the terms of the loan may undergo modifications for a smoother mortgage payment process. This option can involve many different steps. For example, a mortgage lender may agree to grant a temporary forebearance or extend the timeframe of the loan term. Other possibilities include modifying the interest rate of the loan and selling the home for less than is owed on its mortgage.
Unfortunately, not all attempts to avoid foreclosure prove successful. The United States official government website outlines the steps homeowners usually take after foreclosure. While challenging in many ways, it is possible to pick up the pieces, reassess one’s credit and start over. The website mentions the U.S. Department of Housing and Urban Development’s Office of House Counseling as one resource that can help families find new homes. Depending on the state, some families — especially those with children — may be eligible receive additional benefits. The outline also includes a number of worksheets and forms Mississippi residents can look to in times of need. There is often no easy way of going about foreclosure, but looking to state regulations and resources can bring light at the end of the tunnel.