I am Behind in My Mortgage Payments. Help!

Help, I’m Behind in My Mortgage Payments

I am Behind in My Mortgage Payments. Help!

Most people feel like their drowning when they are behind their mortgage payments on their home. And even if they were able to make their monthly payments, catching up on a past due balance is not that easy. It is overwhelming!

I am Behind in My Mortgage Payments. Help!

There are a few options that can help you to avoid foreclosure and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties have been lost to foreclosure, but there are many ways to avoid it.

I am Behind in My Mortgage Payments. Help!

5 Things You Can Do To Help Your Situation

1. Bankruptcy

This is usually is the last resort. Filing for bankruptcy can be a good way to negotiate to some lenders if you feel like you’re being crushed by your debts. There will be a lot of work involved and it won’t help you avoid your mortgage. Lenders will treat your situation in different ways. You will benefit from serious professional help. One that you can afford.

2. Reaffirm

This may be a good plan but it comes with unseen penalties. Reaffirming the loan is basically  an additional commitment to pay. An affirmation can create additional liabilities if your property is auctioned, in some states where it is allowed.

3. Making Home Affordable (MFA)

You might be able to participate in MHA, if your mortgage qualifies for it. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.

With MFA, your interest rates or payments might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.

MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

4. Negotiate with your bank

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.

Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.

You have to work really hard to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.

That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.

5. Borrow money from a private investor

If you’re way behind on your payments and would like to sell as quickly as possible, we can help!

In certain circumstances, we may even be able to help you stay in your home.

We work with homeowners Nationwide to find solutions to foreclosure problems.

We’ll let you know how we can help.

Give us a call now at (602) 833-5866 or
fill out the form on this website to get started.

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