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What is the best way to prepare for an upcoming foreclosure which hasn’t initiated yet?
Question:
In six months, my mortgage rate is due to become variable and I’m certain I won’t be able to afford the new payments. Since I want to avoid having the bank foreclose on my home, what should I do?
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You are wise to be planning ahead in an effort to avoid a bank mortgage foreclosure. Keep in mind that most banks are often willing to negotiate with home buyers in an effort to help them keep their homes. It’s possible that your bank will agree to let you continue paying the amount you are currently paying and can afford for a set period of time, if you’ll agree to take on higher payments at a much later date.
Contact a local attorney for advice before speaking with your banker to be sure you are proceeding in a manner that will be most beneficial to you and minimize your losses. As you can imagine, a bank foreclosure can affect your life in many negative ways.
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