We all know about the ongoing rise in the foreclosure rate across America, thanks to increasingly tightening credit standards and rising interest rates.
Many homeowners think it can or will not happen to them, but would you know what to do if you were actually faced with the prospect of foreclosure. It is important to know what your options are so that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure.
This article from FreddieMac.com does a great job outlining the terms associated with foreclosure and the steps to take if you think you may soon be unable to pay your mortgage. Among the topics covered in this helpful article:
I would also add to the list of steps to take when facing foreclosure – contact an experienced Realtor! Along with a reputable lender, an experienced Realtor can help explain your options and guide you through whichever choice you decide to make.
For more information about Huntsville AL real estate, please call me today at 256-508-0211 or visit MoveToHuntsville.com, I would be happy to help you. To receive automated emails of new listings that match your criteria, please visit HuntsvilleHomeHunter.com!