4 Ways To Avoid Foreclosure In Dundalk MD

We buy houses in Dundalk Maryland and are local homebuyers in MD.

 

If you are at risk of foreclosure in Maryland, don’t ignore the warning signs. Open any letters from your lender and find out where you are in the process. Make sure you have your mortgage documents handy so you know what to expect if you stop making payments.

 

If they have only just started issuing notices of non-payment, they haven’t issued the foreclosure yet. However, if you ignore the letters about the pending legal action, that is no excuse in court. You may still have time to deal with this situation and avoid a foreclosure on your credit report.

4 Ways to Avoid Foreclosure in Dundalk MD

Work With The Government

To learn more about your state’s foreclosure process and timeline, reach out to your state’s housing authority. By understanding the process and comparing it to any letters or communication from your lender, you can determine how quickly you need to take action to secure an exit strategy.

 

The Housing of Urban Development department under the Federal Government has a few programs that could provide you a way to improve your situation. Many of these programs are based on the value of the home in comparison to how much is still owed on the loan. HUD also has counseling available to help you understand your finances and what choices could or could not work for you.

Take a Look at Your Finances

One way to avoid foreclosure is to take a close look at your personal finances and design a budget that meets your basic needs, such as food, gas, and mortgage payments. You can also skip payments on optional or unnecessary items, like credit cards or expanded cable packages. Another option is to choose a cheaper phone plan and forego eating out.

 

Some ways to make extra money are to get a second job, do small jobs posted on social media, or sell nicer items you own. These could be helpful if you are facing a difficult time financially but believe you will be able to start making your mortgage payments again soon.

Rent Out Your House

If you have a large house, you could bring in a roommate to help with expenses. This could be a great way to make your mortgage more affordable and fit better into your budget. However, having renters also comes with its own set of problems, like damage to your home.

Find a Buyer for Your House

One way to avoid foreclosure is to sell the house for less than what is owed on it. This is called a short sale. There are lots of investors who are interested in buying short sales.

 
The bank is not interested in owning your home; they would much rather you repay the loan. They will almost always accept an offer that is close to the amount of the loan, even if the property is worth more than what is owed. This creates a great opportunity for investors who have cash available.

Sell My House In Dundalk MD

Selling your house can be a quick and easy process if you take the necessary steps to make it presentable to buyers. We are home buyers in Maryland who offer cash for houses in Dundalk. No matter the situation, we will make selling your house simple so you can move on.

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We buy houses in Essex, Maryland houses AS-IS and can close fast! 

 

You pay no commissions, no closing costs, and do not have make any repairs.

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