Facing foreclosure in Wisconsin is a stressful situation. You are probably behind on your mortgage payments and received threatening letters from your bank. All the stress and anxiety lead to loss of sleep, and you can end up not thinking straight. You may be in a situation where you don’t want to ask for help for fear of embarrassment.
Could you Avoid Foreclosure This Month?
If the bank is threatening foreclosure, you shouldn’t blame yourself. Foreclosure does not define who you are. Unfortunately, foreclosures happen for several reasons, and they are common in Wisconsin.
In the majority of cases, uncontrollable and unfortunate life events can quickly take over. One thing can lead to another, and before you know it, you’re struggling to make mortgage payments. Many people end up facing foreclosure due to the death of a relative, losing a job, having to pay a mountain of medical bills. Your income may have dried up—but your bills, utilities, debt payments, and mortgage are still there.
Very soon, you can feel like your drowning in debt and trying to buy more time.
In these circumstances, it’s crucial to act fast. Taking immediate action could help save your home and avoid the bank foreclosing. Or, you could at least get some time to get back on your feet.
Without wasting any more time, let’s look at some ways you can stop foreclosure on your home.
How to Avoid Foreclosure in Wisconsin
Let’s look at five ways to keep your home and stop your lender foreclosing.
1. Don’t jump ship too early
Unfortunately, some Wisconsin homeowners resign themselves to the fact that foreclosure is inevitable. In Kenosha-Racine WI, we sometimes see full blocks where many houses stand vacant, boarded up, and lawns overgrowing. It may seem that you’re so far into the foreclosure process that letting the lender take back ownership is the only viable option.
Letting foreclosure happen should only ever be a last resort. Remember, a foreclosure will have an enormous impact on your credit score. You’ll feel the effects for at least seven years—the length of time foreclosure stays on your credit report. This starts a vicious circle that’s difficult to get out of. A low credit score can affect any chances of getting a mortgage, renting a place, and even a new job.
2. Reach out to your mortgage lender
As soon as you sense you’re in financial trouble with your mortgage, negotiate with your lender. Remember that no lender wants borrowers to foreclose. They have hardship packages and may offer you forbearance or a full loan modification to help meet some of the payments.
- Forbearance—This option gives you some breathing space while you work at improving your situation.
- Loan modification—This option can make loan repayments more affordable for you.
In both of these cases, you need to prove that you can keep up with the agreed payment schedule.
3. Ask for federal help
There may be some government programs that can help you avoid foreclosure. Check out the Federal Housing Finance Agency (FHFA) website. There you can find out about current programs to give Wisconsin homeowners mortgage relief in times of hardship.
4. Sell your home
While this seems a drastic measure, selling your home a way to avoid foreclosure. Although selling your Kenosha-Racine home doesn’t sound great, you’ll prevent destroying your credit score. You can pay off your debts, avoid foreclosure, and get back on your feet financially faster.
At At Home Buyers, we buy homes in any condition to help Wisconsin homeowners like you avoid foreclosure. Please reach out to us at 262-228-8505 or contact us through our website. We have several options that may work for you, depending on your situation.
5. Avoid foreclosure rescue scams
Remember that real help is always free. We know that you’re going through a stressful situation. And, you’re not alone—we have helped many homeowners in Wisconsin who are going through the same troubles you’re going through.
Foreclosure can have a devastating effect on your financial life. You’ll feel the effects of it for years to come. So, it’s crucial to take advantage of any option to help you avoid foreclosure. We’re always available to chat.
Why Choose At Home Buyers?
We don’t charge any fees to evaluate your situation. We can give you a fair price offer on your home. We guarantee that the price we offer is the amount of cash you receive for your home—no hidden fees.