How to Avoid Foreclosure in Lynchburg VA

How to Avoid Foreclosure in Lynchburg VA
Avoid Foreclosure in Lynchburg VA Call 434-390-2906

While the housing market is rebounding, many people in Lynchburg VA are still struggling to make their mortgage payments. They want to know How to Avoid Foreclosure in Lynchburg VA

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Lynchburg.

It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets find out how to avoid foreclosure of your Lynchburg home.

The Keys of How To Avoid Foreclosure, Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Lynchburg that have begun to resemble ghost towns, as the economy has impacted residents significantly.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Lynchburg are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. People all over Virginia are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you stop foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call or text anytime at 434-390-2906 or fill out the form on this website today! >>

Foreclosure Effects

Avoid Foreclosure in Lynchburg, VA
Avoid Foreclosure in Lynchburg, VA Call 434-390-2906

Today we are going to look at the foreclosure effects in Lynchburg, VA and what local house sellers need to know. Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. First we will look at the effects and the ways of easing them.

How Foreclosures Effect Sellers

  • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in VA is of course the loss of the home to the bank.
  • Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
  • Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
  • House Values In Your Community – Another one of the big foreclosure effects in Lynchburg VA is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.

How You Can Ease The Effects Of Foreclosure

For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.

First…

Call your bank and work with them:  Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house.  Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.

Talk with a local real estate expert, like Linken Investments LLC.: We know the local Lynchburg real estate market well and are very experienced in the foreclosure process here in VA.  Give us a call at 434-390-2906 and we can guide you toward the resources that can possibly help you.

Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Lynchburg houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house.  


Call or Text us at 434-390-2906 or shoot us your details through this website.

With the above knowledge on foreclosure effects in Lynchburg – what sellers need to know, you can guard yourself by calling Linken Investments LLC. at 434-390-2906 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!

Behind on My Mortgage Payments

Behind in My Mortgage Payments in Lynchburg, VA

When you fall behind on your mortgage payments on your Lynchburg home, it can feel like you’re drowning in debt.

Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge.

There are a few options that can help you to avoid foreclosure in Lynchburg and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Lynchburg have been lost to foreclosure, but there are many ways to avoid it.

5 Things You Can Do To Help Your Situation

1. Bankruptcy:

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.

2. Reaffirm:

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.

3. Making Home Affordable (MFA):

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.

With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.

MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

4. Negotiate with your bank:

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.

Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.

You have to work really hard to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.

That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.

5. Borrow money from a private investor:

If you’re behind on your payments and need to sell your Lynchburg house fast, we can help.

We work with homeowners in Lynchburg to find solutions to foreclosure problems.

Give us a call or text now at 434-390-2906 or
fill out the form on this website to get started.