If you have a house which you have bought through mortgage financing in North Carolina and you have a hard time paying for the mortgage on time, the best thing you can do to stop foreclosure is apply for refinancing. However, not all homeowners like you can go for refinance. You can only refinance your property if it still has high appraisal value and you have high credit score.
If not, then, one of the things you need to consider is short sale. What is it? This is what most homeowners would do. They will “short sale” their mortgage property at a price lower than the mortgage they owed to the bank or lender.
Now, this seems to be a no-no for some homeowners and/or lenders but if they don’t have any other options, this is what they will go for. But the thing is, with short sale, they can actually stop foreclosure dead in its tracks and can still preserve their good credit standing.
There is actually another way on how to stop foreclosure and that’s the NC foreclosure prevention fund. However, before getting into the facts about foreclosure prevention fund, take a look at short sale.
Short sale could be the best option. However, performing a successful short sale is not as simple as it looks. You must put your best negotiation skills at work so that you could persuade the bank to accept your offer. Awkward attempts in this kind of transaction will mean losing the real estate investing deal and your proposal will get rejected.
What about NC foreclosure prevention fund?
The NC Foreclosure Prevention Fund is a kind of financial assistance extended exclusively to North Carolina homeowners with problems in mortgage payments, NC residents who have been struggling to pay such mortgage because they might have lost their jobs or are temporarily employed or at contractual status. It can also provide assistance & counseling to military veterans who are retired and want to lead a private life with a permanent job. If you’re within North Carolina, you might want to take a look at this foreclosure prevention fund accommodating NC residents.