4 Tips for Avoiding Foreclosure in Maryland

When you are having trouble making your mortgage payments, things can quickly spin out of control. Foreclosure can have disastrous financial impacts that can take years to get out of so it is important to try to avoid foreclosure at all costs. Here are4  tips for avoiding foreclosure in Maryland.


4 Tips for Avoiding Foreclosure in Maryland

Don’t Ignore the problem

While it can be overwhelming to realize that there is a problem with your mortgage payments, the worst thing you can do is ignore the problem. When you fall behind on your mortgage payments, ignoring letters from your lender will only make the problem get bigger and things can quickly get out of hand. As soon as you realize there is a problem, contact your lender right away. If you know that you will not be able to make next month’s payment, call your lender proactively and explain your situation. Lenders do not want to foreclose on homes and they may have options that will help you avoid the problem getting worse.

Contact a Housing Counselor

The best thing to do when facing the possibility of foreclosure is to discuss your situation with a professional who can advise you on your options. The US Department of Housing and Urban Development (HUD) provides funds for housing counseling across the US for little to no cost. These counselors can advise you on your mortgage rights, help you organize your finances, and even provide counsel when negotiating with your lender, if necessary.

Prioritize mortgage payments

As soon as a problem arises, your priority should be to getting back on track with your mortgage payments. Keeping your home should become your main goal and you should prioritize making your mortgage payments above other spending. Take a detailed look at your budget and see where you could be saving extra money. Keep an eye out for extraneous spending, such as cable TV, gym membership, and eating out and reign in this spending so you have more to put toward your house payments. You can always reinstate them once you get back on your feet but for now your priority should be putting any extras toward your home payments. Also think about where you could come up with the money you need: consider selling off liquid assets (a second car, your old stamp collection) in order to stay in your home. Going into foreclosure can impact your finances for years: it will be worth temporary sacrifices in order to reach your goal of staying in your home.

Sell Your Home with Grays Home Solutions

If your situation is bleak and you do not think you will be able to avoid foreclosure in Maryland, consider selling your home with Grays Home Solutions. We’re a home buyer working throughout Maryland and the Tri-state area. Some of the benefits of working with us include:

  • We’ll make an offer no matter where your home is, what condition it’s in, or how much you owe.
  • Once you accept our offer, we buy within 7 days. So even if your foreclosure date is coming up fast, we may be able to help.
  • You won’t need to do any repairs on your home.
  • We may be able to pay you in cash.

Interested in learning more? Use our fast response contact form or call us at 240-347-3141. We’re a free service and we’re here to help.