While the housing market is rebounding, many people in Hawaii] are still struggling to make their mortgage payments. Many of us know someone on island in this situation.
If you’re underwater on your mortgage or struggling to keep up with your monthly mortgage payments, you may be wondering or worried that your lender is going to begin the foreclosure process.
The good news is that there are a number of things that you can do to avoid foreclosure in Hawaii. It’s important to remember that moving quickly is critically important and could save your credit rating as well as your home. Again, taking action NOW is your best bet to keeping that foreclosure off your record.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Hawaii with your home.
The Keys of How To Avoid Foreclosure in Hawaii — Don’t Give Up
Many people get overwhelmed, simply give up and walk away from their home – don’t do that. Yes, it takes some courage to fight this fight, but you can do it. Don’t let your home be one of those abandoned Oahu properties that brings down the neighborhood.
Detroit is a prime example of what can happen when people abandon their homes – that’s not what we want for Oahu or Hawaii in general.
This can be a stressful situation, but it’s extremely important to stay on top of the situation and not get too frazzled, as difficult as that can be. A foreclosure on your Hawaii property can have a significant negative impact on your credit score and could prevent you from buying a home for many years to come. If you apply for a job, you may even have to answer about any foreclosures against you on the application — it’s not always just about the house. It could follow you around everywhere.
While it’s extremely stressful, you do have options… keep reading:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that many Hawaii borrowers are still struggling, even years after the initial housing crash. If you haven’t missed a payment yet, though, you may have some leverage to renegotiate the terms of your loan. Banks don’t want to foreclose on more homes (their main business is lending money, not taking back properties) and many will work with you if you aren’t too far behind. You might be able to work out a forbearance or even a full loan modification – speak with them.
• Ask for help from the government. Over the last few years, the federal government has implemented a number of programs to help homeowners struggling to keep up with their loan payments. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, thereby reducing monthly payments to a more affordable level. 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 so don’t just assume you can enter into either one and lower your payments — there’s still a qualification process.
• Sell your house. If you don’t want to keep your house or just want to put the stress of it behind you, then selling your house remains a possibility. If you have equity, then we can look at us buying your house for CASH. If your mortgage is underwater, then don’t worry — we have an expert short sale negotiator on our team and can put this to work for you, all at no charge.
We completely understand that the risk of losing your home can be an extremely stressful time. If you think you’re alone, you’re not. Homeowners all over Hawaii are going through the same thing, just like you. However, it’s also important to face the reality of the situation. A foreclosure on your record can have a lasting effect on your financial life, so it’s important to move quickly and understand and compare all the options available to you.
We may be able to help you avoid foreclosure, so connect with us today and lets discuss your situation. We don’t charge any fees, of course. We’ll talk about your specific situation and lay out all the options, including us buying your house, so that you can make the best decision for you and your family.
Give us a call anytime at 808-377-4379 or
fill out the form on this website today! >>