Are You in Financial Distress?
Resources for Home Owners in Financial Crisis
Facing a financial crisis with your mortgage can be an overwhelming and stressful experience. It’s important to know that there are options available to help you navigate this difficult time. Below is a list of resources and steps you can take before considering selling your home. If all other options have been exhausted, Lysster can assist you in selling your home quickly and efficiently.
1. Contact Your Lender
Negotiate a Loan Modification: Reach out to your mortgage lender as soon as possible to discuss potential loan modification options. This can involve adjusting the interest rate, extending the loan term, or deferring payments to make them more manageable.
Request a Forbearance: If you’re experiencing a temporary financial setback, ask your lender for a forbearance. This allows you to temporarily pause or reduce your mortgage payments for a specified period.
2. Government Assistance Programs
HUD Housing Counseling: The U.S. Department of Housing and Urban Development (HUD) offers free or low-cost housing counseling through approved agencies. These counselors can help you understand your options and work with your lender to find a solution. You can find a HUD-approved housing counselor here.
California HUD Programs: For California residents, there are specific HUD programs designed to provide assistance. This includes mortgage assistance programs and counseling services. Learn more about California-specific resources here.
3. Explore State and Local Programs
State-Specific Assistance: Many states offer homeowner assistance programs that provide financial support to prevent foreclosure. Check with your state housing finance agency to see if you qualify for any local programs.
Local Nonprofits and Charities: Organizations such as NeighborWorks America, the National Foundation for Credit Counseling (NFCC), and local nonprofits may offer financial assistance, legal advice, or other resources to help you stay in your home.
4. Refinance Your Mortgage
Refinancing Options: If you have enough equity in your home, refinancing your mortgage could reduce your monthly payments by securing a lower interest rate. Contact your lender or a trusted mortgage broker to explore refinancing options.
5. Consider a Short Sale
Short Sale as an Alternative: If you’re unable to keep up with mortgage payments and owe more than your home is worth, a short sale may be a viable option. In a short sale, the lender agrees to accept less than the amount owed on the mortgag
e. This option can help you avoid foreclosure and minimize the impact on your credit score.
6. Lysster: Your Best Choice for Selling Your Home
If you have exhausted all other options and selling your home is your last and best choice, Lysster is here to help. As a former REO Broker with the Banks during the great recession I know the ins and outs of what Banks and Lenders will and will not do. With over 22 years of experience in real estate, we understand the complexities of selling a home under financial distress. You don’t have time to waste and it is almost impossible to do it yourself, so if you need our help, Please contact us directly.
Why Choose Lysster?
Transparent Process: We offer a clear, straightforward approach to selling your home, ensuring you understand every step of the process.
Customized Solutions: We provide various listing options to suit your needs, including flat fee packages and our 1.5% Full Service Listing Commission.
Expert Guidance: Our team is committed to providing expert advice and support, helping you make informed decisions during a challenging time.
Learn more about our cash offer program.
Remember, you are not alone in this process. Reach out to the resources available to you and explore every option to stay in your home before considering a sale. If selling becomes the best option, Lysster is here to guide you every step of the way.