What options do I have to avoid foreclosure?

If you are facing foreclosure in North Carolina, there are several options you can use to try to avoid the process. First, you can contact your lender and see if they would be willing to work out a repayment plan with you. This allows you to pay back the amount of money you owe in smaller, more manageable payments. This can help avoid the foreclosure process, but the lender may also require alternate forms of security as collateral for the loan. Another option is to find a loan modification. This is when the terms of the loan are modifies, such as extending the length of the loan, reducing the interest rate, or allowing a lump-sum repayment of a certain amount. This can make it easier for you to manage your loan payments. Finally, you can also consider applying for a refinance loan. This is when you take out a new loan with more favorable terms and use the proceeds to pay off your current loan. This option can often give you lower monthly payments but may require you to pay more in closing costs. No matter which option you choose, it is important to be proactive in finding a solution to your foreclosure problem. Be sure to contact your lender to make sure they are aware of your current situation and to find out what options may be available to you. If you do this early enough, you can often avoid foreclosure and keep your home.

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What options do I have to avoid foreclosure?

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