KC Homeowners Today Have Options To Avoid Foreclosure

Recent headlines have drawn attention to a slight uptick in national foreclosure filings, causing concern among Kansas City homeowners. You can rest easy—even with the latest real estate data, housing market experts agree there's no chance of a large-scale foreclosure crisis like the one we saw in 2008. Focusing on the bigger picture is important: we're still well below the number we'd see in a more normal year for the KC housing market. As a report from BlackKnight explains:

"The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels."

This is good news! It means the number of Kansas City homeowners at risk is very low compared to the norm.

A small percentage of homeowners may still face foreclosure as a possibility. Life is unpredictable, and unfortunately, personal hardship can hit in any market.

Are you a KC homeowner who has experienced personal or financial hardship recently? There are still several options to help you avoid foreclosure! The Just Say Home real estate experts can help you understand your choices, like the ones below from a Bankrate article:

Forbearance Programs: Do you have a loan from Fannie Mae or Freddie Mac? A JSH agent can help you determine whether you qualify for this type of program. 

Ask for a Loan Modification: Your Kansas City lender might be willing to adjust your loan terms to decrease your monthly payment to something more achievable.

Get a Repayment Plan: If you cannot make your monthly payment, your KC lender may work with you to set up a deferral or a payment plan.

There's one other option to consider: home equity. Some homeowners have enough equity in their home to sell and protect their investment. The Just Say Home Team can help you calculate your home equity and determine whether selling is the best alternative for you.

Use Your Equity To Sell Your Home

Many homeowners in the Kansas City area have far more home equity than they realize due to the rapid home price appreciation we've seen over the past few years. If you've lived in your house for a while, your home's value has likely increased. Additionally, mortgage payments made during this time have chipped away at the balance of your loan. The combination of these two factors may have given your equity a boost. Is your home's current value higher than what you still owe on your loan? You may be able to use that increase to your advantage. Freddie Mac explains how this can help:

"If you have enough equity, you can use the proceeds from the sale of your home to pay off your remaining mortgage debt, including any missed mortgage payments or other debts secured by your home."  

Lean on Experts To Explore Your Options

By partnering with the Just Say Home KC real estate agents, you can learn how much equity your home has and receive an estimate of its listing price based on the current Kansas City housing market. Selling your home could be the solution if you're facing financial hardship and foreclosure.

Bottom Line

Are you a Kansas City homeowner facing financial hardship and possible foreclosure? The real estate experts at Just Say Home KC can help you explore your options, calculate your home equity, and understand if selling your home can help you avoid foreclosure.

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