An obviously undesirable consequence of the economic downturn that has been ravaging our country and indeed most parts of the world, has been a steep increase in foreclosed properties.
Thousands across The Bahamas have been rendered homeless.
In fact, the real estate crash is considered to be one of the primary triggers of the economic meltdown that was witnessed across the world, whose members are yet to burn out fully.
With so many afflicted individuals and families, there is always the likelihood that you might be the next in line, witnessing a foreclosure on your property, due to the mortgage installments that you have missed.
Having said that, is it really necessary that you would definitely be facing a foreclosure, if you have missed paying one or more of your mortgage payments? Not really.
In fact, following the reasonably simple steps enlisted below, you could safely ensure not having a foreclosure taking place against your property, even with more than one mortgage payment missed and perhaps a somewhat dicey overall credit history.
Loan Modification Loan modification is one of the easiest ways in which you could stall a foreclosure from occurring against your property.
All you need to do is renegotiate the terms of the loan, with a monthly mortgage payment amount that maybe more suitable to your current, lowered income.
Inform your Lenders about your Financial Position Many home owners, who have missed out on their mortgage payments, resort to the rather queer behavior of avoiding all forms of communication from their lenders.
This is something that you really should not do at any cost.
In fact, it is imperative that your lender knows about the financial difficulties that you are facing.
In all probability, your lender will give you extended time to repay the mortgage amounts.
Your lender might even voluntarily modify the terms of the loan in your favor.
Sell your Property In case you are in a rather desperate situation where making even one mortgage payment seems rather difficult, you could consider selling your property outright, even if you have to do so at a loss.
At least this way, your credit history and credit worthiness would remain intact, and you would not have to go through the financially and emotionally painful exercise of undergoing a foreclosure on your property.
Thus, as you can clearly see, some simple and basic steps, taken in timely fashion, can go a long way in preventing foreclosure on your property.