If you stop paying your mortgage, your home will eventually go into foreclosure.  This means your lender can seize your home and proceed with a foreclosure sale in Johnson County KS.  Going through foreclosure can be very painful, but there are ways to slow the process down.  Here are a few tips on what you can do to avoid foreclosure in Johnson County Kansas.

EDUCATE YOURSELF 

First, take a deep breath and re-focus.  If you are late on a payment, you should receive information from your lender about preventing your house from a Johnson County KS foreclosure.  Remember that being late on just one payment does not mean your house will be foreclosed.  The foreclosure process starts if you haven’t made a payment for 90 days. 

CALL YOUR LENDER 

You may think of your lender as the “bad guy” in this process, but they also want to avoid foreclosure.  A foreclosure sale in Johnson County KS, can be costly and time-consuming for lenders.  Ideally, they want to find an option that works for both parties.  Some potential options that your mortgage company may offer you are: 

  • Refinancing – Lender offers a new loan with new rates and terms to cover missed payments 
  • Repayment Plan – Both parties work out a plan to fit your budget and make up for missed payments  
  • Forbearance – This a temporary suspension of mortgage payments; they will be added to the end of the loan 
  • Loan Modification – The mortgage company changes the terms of the existing loan for a more manageable monthly payment 

CONSIDER A SHORT SALE 

If you don’t think that paying back your mortgage is a realistic possibility, a short sale might be a good alternative.  It would be a better alternative than foreclosure in Johnson County KS.

First, your lender would need to grant permission to purse a short sale.  Unlike a traditional sale, the lender would agree to settle for less than what the home is worth.  The bank, not you, is also in charge of accepting or denying the offer. 

“Although you would still lose your home, you would not have to deal with the repercussions of a foreclosure on your record.”

foreclosure sale in Johnson County, KS

REACH OUT TO CHERRY PARK PROPERTIES, LLC 

If you are in need of foreclosure help in Johnson County KS consider calling Cherry Park Properties at (913) 839-2345. Our team of highly qualified individuals is here to help you navigate through the process of a foreclosure, and possibly regaining you the rights of your home back.