Foreclosure Help in Idaho

This can turn the American dream into the American nightmare of any homeowner. In spite of our best efforts, unexpected situations can occur. Costs we didn’t anticipate. Costs that can affect how, when and if we can manage our mortgage payments.

Millions of Americans struggle to pay their mortgage each year. In fact, foreclosures were filed on over 620,000 properties in the US in 2018.

The good news is, help is at hand. Here are our tips to help you avoid and / or manage an imminent foreclosure.

Get on Top of it

Don’t wait until it’s too late and you’re avoiding your lender’s calls and leaving their correspondence unopened.

The best plan of attack is to be proactive as soon as you realize you’re in trouble.

Talk to your provider

Contact your lender immediately to discuss options. You may be able to:
● Modify your loan
● Adjust your monthly payments
● Refinance
● Discuss a line of credit

Sell Your Home

You may be able to sell prior to foreclosure, repay the mortgage and perhaps have a little money left over. Another option is a short-sale. This means selling your home for less than you owe on the mortgage. Of course, this option isn’t ideal, but it means there’ll be no default mark on your credit report.

Rent it out

Not the best option if it’s your only home as you’ll have to find alternative accommodation. However, you can charge rent that can cover the mortgage, taxes, insurance and general maintenance on your property.

Make Your Payments

This seems like a no-brainer, because if you could make the repayments, you wouldn’t be facing foreclosure, right?

Research what funding could be available to help you. A loan from a family member or a friend? What local, state or national resources are available?

The Idaho Department of Finance provides further information on foreclosure prevention and what to do if you find yourself going through foreclosure proceedings.

Deed-in-Lieu of Foreclosure

As a last resort, this means handing over ownership of your home to the lender. It saves time, money and the hassle of legal proceedings. It will leave a mark on your credit report, but it’s not as damaging as being in default of foreclosure.

File Bankruptcy

Out of options and past ‘just missing a few payments’? Seek legal advice to explore whether filing bankruptcy is a viable alternative. It could give you the chance to start over.
The good news is, according to Realtytrac.com, Idaho’s home foreclosure rate is 50% lower than the national average.

Have a specific question about Avoiding Foreclosure in Idaho? Check out our Foreclosure FAQ’s section.

However, the thought of facing foreclosure can be distressing. While you’re figuring out the pros and cons of your options, ensure you continue to make payments.

Consider whether you will move to a new location, or stay where you are. Then take into account whether keeping your home is worth fighting for.