Foreclosure can be an emotionally and financially draining process. Connecticut homeowners don’t want to see their home go through foreclosure. If you’re facing foreclosure, you may feel as though you have no options to save your home. However, home loan modifications may be able to help struggling homeowners regain their stability and maintain their Connecticut home. When you’re looking to get home loan modifications, you should keep these tips in mind:
• Start early. You can start looking at home loan modifications for your Connecticut home before you’ve even been notified of impending foreclosure. If you’re a couple of payments behind on your mortgage, you may want to consider negotiating home loan modifications right away. Although the process is trickier if you have yet to be notified of foreclosure, you may still be able to pull off home loan modifications that allow you to stop foreclosure.
• Know your finances. Before you go to your lender to ask about home loan modifications, make sure you know exactly how much you make and how much you’re spending each month. You’ll also want to be sure of your credit score, since lenders may be more willing to work with you if you have a history of good credit, but are simply experiences extenuating circumstances.
• Double check your math. Before you accept any home loan modifications, make sure you can afford them. If you’re taking a lower rate on your mortgage now in exchange for a higher rate later, make sure you can pay the higher rate down the road, or you may face foreclosure on your Connecticut home in the future. If your lender is allowing you to make up missed payments over time, make sure you can handle the increased burden on your monthly payment.
• Keep your expectations realistic. Recognize that your lender is ultimately working for their own benefit. They may offer you better terms for now because they’ll make more money on the loan than they would from a foreclosure – but in the long run, they’re looking out for themselves.
You may be able to save your Connecticut home with home loan modifications. If you’re facing foreclosure, don’t wait – start getting your finances back in shape by talking with your lender about modifications today.
