If you live in Nashville, TN, foreclosed homes might be something you don’t see all too often. However, if you start to take notice when driving around the suburbs, you might be surprised that the number of homes in jeopardy is surprisingly high. A recent internet search resulted in over 700 homes that have either been foreclosed on or are in pre-foreclosure. How can you make sure this doesn’t happen to you?
Communicate With Your Lender
Sometimes certain circumstances in life can leave you without a viable way to pay your bills on time, and your mortgage can be one of them. If you’ve gotten more than one month behind on making your payment, it’s imperative that you communicate with your lender. Many banks and organizations have options available to help get you back on track, including modifying your payment arrangement or even completely refinancing your home.
Ultimately, if you intend on keeping your home and need a little extra help, it’s not a good idea to ignore their calls. Reach out to your lender and let them know your specific situation and they just might have a way to help.
Explore Alternative Sources Of Income
Missing a mortgage payment could be the result of losing your job or experiencing an unforeseen event that has drained your resources. Often times medical emergencies can leave you completely depleted and looking for a way to get back on track. If that’s the case, it’s worth checking into other ways to earn some extra money.
Many people sell things online, take up a part-time work from home job, or find temporary work through a local agency. No matter how you end up making ends meet, make every effort to send that extra money to your lender to get back on track. There’s no reason that a temporary setback should cause a permanent event like losing your home.
What About For Investors?
If you’re on the other side of the situation and are looking for a foreclosed home to purchase, there are a few things to keep in mind. While these properties are great to buy at a low price and then either rent out or resell, it pays to thoroughly know what you’re getting into.
In Nashville, TN, foreclosed homes can be beautiful and ready to be occupied instantly, or they can be in run down parts of the city and may not have the resale value you had hoped for. Individuals who are interested in purchasing a foreclosed home as an investment opportunity should seek out the help from a professional, and the team at Hōmage Properties is well-versed in this type of purchase.
With years of experience in buying and selling homes in the Nashville area, our staff takes a fresh approach to real estate. We aim to make every client’s dreams come true through our integrity, commitment to customer service, and our knowledge of the industry and of Nashville specifically.
Call us today to find out how we can help you find a foreclosed home that meets your needs!