Despite the United States being several years out of the last recession, several Americans still face foreclosure. If you are behind on payments but still have possession of your home, foreclosure is not your only option. Read on for more information about how to stop foreclosure in Arkansas. 

What leads to Foreclosure?

Foreclosure can happen to anyone and occurs when a homeowner has failed to make payments on their mortgage loan. The most common reasons Arkansas homeowners fall behind on payments include unemployment, credit card debt, divorce, medical expenses and sudden relocation. Regardless of your situation, resources are available to you to avoid being foreclosed on.

Consequences of Foreclosure

Going through foreclosure in Arkansas not only impacts you currently, but will have implications on your future finances as well. On top of losing your home, your credit will be damaged in addition to your ability to purchase another home. When you go through foreclosure, you forfeit the ability to qualify for another Fannie Mae mortgage for at least 7 years.

You Can Stop Foreclosure in Arkansas

If you are behind on payments and facing foreclosure, it is always advantageous to avoid the process if possible. Free counseling services are offered through HUD-approved housing counseling agencies. These counselors may be able to help you negotiate with your lender. 

If you are wanting to avoid foreclosure in Arkansas by selling your home for enough money to pay off your existing bank loan, a reputable company like Kash Property Solutions can help. Our team at Kash Property Solutions will work with your current situation and either buy your house from you or arrange a payment plan so that you can release ownership, move on, and your home will continue to be paid for. 

For more information on how to avoid foreclosure in Arkansas, contact us today at 501-420-3323 or visit our website at www.KashPropertySolutionsAR.com