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Options for homeowners heading toward foreclosure

Happy New Year, Duane! My name is Carol, and my father is beginning to fall behind on his mortgage payments. I don’t want him to lose his home, and was hoping you could provide some ideas on ways that I could help him with his challenges.

Happy New Year to you as well, Carol! Thank you for your difficult, but very important, question. Challenges like these are painful to talk about. But I think it’s a very important topic, as other folks may be in similar positions.

When someone buys a house, losing it would be the last thing that comes to their mind. People heading toward foreclosure usually have a few options.

Don’t ignore the bills. Don’t ignore any kind of bills or notices from your lender. The more you ignore, the harder it will become in the future to deal with the issue.

Respond. You should carefully read and respond to every letter or notice from your lender. The first few letters might have extended information about how you can avoid foreclosure and the coming letters might include important notices and inform you about certain actions you need to take.

Communicate with the lender. Most of the lenders would like to avoid foreclosures as well, since it costs them money and time. Try to talk to the lender, if you are unable to pay some of your bills and they might understand your situation. 

Talk to a local Real estate pro. Call a local Real estate pro who has a good reputation, and they might be able to give some helpful suggestions with their experience. You can come up with a plan to save your home, or least your equity.

Refinancing. You can see if refinancing is an option by asking your real estate pro to recommend you to some other lenders that might alter your current mortgage to a more favorable monthly situation.

Prioritize your spending. Paying your mortgage bills timely should be one of your first priorities. If you are spending somewhere else more than your mortgage bills, review your finances and make sure you have enough money to pay your mortgage.

Debt forgiveness. Ask your lender to give you a break or waive your obligation to pay a couple of monthly payments, which might give you some time to set things straight and get back on track with your finances.

Repayment plan. You can request your lender for a repayment plan, in which the lender would add up a small amount that you are required to pay every month with your actual mortgage in the coming future, as an extra interest.

If you ever just need someone to talk to, give me a call! I’m always here to help! I hope your 2016 was great and your 2017 will be even greater! Happy New Year!

See ya next year, Guamies!

Remember, for all of your Guam real estate needs – who ya gonna call? Duane Pahl! (671) 689-7777,,

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