Foreclosure is always a last resort and most of the time it is completely avoidable. If you are experiencing financial difficulties and can not make your mortgage payment please contact us immediately. Acqura will only foreclose on a property when there is no response from a borrower and/or an alternative payment plan or other solution has not been agreed to.
What is Foreclosure?
Foreclosure is when a lender takes possession of a property in the event a borrower has failed to make their loan payments and is not actively working on alternative solutions with the lender. The foreclosure process is very time consuming, usually taking several months, and expensive for the lender and typically results in the loss of as much as 40 percent of the homes value.
In the event of foreclosure, not only does the borrower have to re-locate from their home, foreclosure also results in long-term damage to the borrower’s credit rating. Even when the borrower recovers from their financial difficulties, a foreclosure can make it difficult to get a loan for a future home purchase, for college expenses, or to even get a VISA or MasterCard. Even if the borrower is able to get credit, they will likely have to pay much higher interest rates. This is all avoidable.
How to Avoid Foreclosure
Talk with your lender!
If you are experiencing financial difficulties it is very important that you communicate with your lender. Failure to return phone calls and respond to mailed notices only increases the chance of foreclosure. Remember, your lender wants to work with you. Contact your lender as soon as you know you are experiencing financial difficulties and are unable to make your loan payments.
If you receive a call about your past-due mortgage, the best thing to do is take the call and start down the path to resolving the problem.
Home Owner Solutions Center
Acqura’s Home Owner Solutions Center is comprised of a team of highly trained, expert advisors dedicated to helping you with your mortgage needs. Whether you are currently past due or facing foreclosure, the Home Owner Solution Center can help.
In the event you are unable to come to a solution that enables you to keep your home, the experts at the Home Owner Solution Center can even help you sell your home and resolve the situation with the least impact on your credit.
Credit Counseling
If you are facing financial difficulties credit counseling may be able to provide you with budgeting and financial recommendations that could improve your financial situation. Acqura offers free credit counseling through partnerships with a national non-profit organizations dedicated to helping consumers manage their debt.
