5 approaches to avoid Foreclosure in Detroit, Michigan

Behind On My mortgage, But I Really Need To Sell My Home. Can You Recommend Any Local Detroit Businesses That Can Help Me!

 avoid foreclosure in Detroit , Michigan

I Have To Sell A Property in Michigan Quick

Missed a handful of home loan payments? Missed a few payments and need a few tips to prevent and avoid foreclosure on a Detroit, Michigan house then go through this article.

Drowning. Hopeless. Overwhelmed. Fed-up. Daunting. That’s how it feels when you have to miss a few home payments in a city like Detroit.

Man… not only do you have to pay this month’s mortgage, but now you have to find a way to play catch-up and it isn’t like life’s bills just stop coming. If anything… when you are behind it just feels like unexpected bills come out of the woodwork.

If you’re significantly behind on payments there are a few options that can help you to avoid foreclosure in Detroit maybe even sell your property. Lots of houses in Detroit have been lost to foreclosure, but there are a number of ways to avoid it.

1. Throwing in the Towel

No one really wants to file for bankruptcy. However, negotiating with all of your creditors at once will reduce a ton of stress. It is a complicated process. It will put all your creditors on notice and help you to negotiate a settlement. Your house loan could be one of those. With that being said… it will leave an everlasting mark on your credit history. Every creditor has its own process that it follows for bankruptcies. If you are considering bankruptcy, our advice would be to get professional help.

2. Reaffirm

This could be a great way to keep the “hounds at bay”, but this could come with unforeseen problems. Basically, reaffirming the loan is an additional commitment to pay. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned off.

3. Making Home Affordable (MHA)

If your mortgage loan qualifies, you might be able to participate in MHA. If you have a loan backed by Freddie Mac or Fannie Mae then you have to be considered for the MHA. However, if you have another lender then it’s up to their discretion whether or not they participate in the MHA program.

With MHA, your home loan payments and/or interest rates might be lowered even the principal balance (if your house is worth less than you owe). Suspended. Reduced. If you are unemployed this is definitely possible.

MHA is a government program, so be prepared to deal with lots of paperwork. This “free” money isn’t completely free… you’ll have to pay for it with your time and energy.

4. Negotiate

Call your lender. You’ll learn that nearly all of them have some sort of assistance for this very issue. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your mortgage payment.

If there is even the slightest chance that lenders can make money from your situation they will steer you towards refinancing. If you can afford it, and all you are looking for is a temporary break from payments then this could work. But… just be aware that ordinarily by the time that you are several payments behind you won’t qualify for a lower interest rate which is where the long term mortgage savings are.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. Persistence. Tenacity. Strength of mind. You have to have them all in order to get through all the red tape. Never, ever act rude. Ask for help from everyone you speak with, but do not sound needy. Reassure the bank that you want to live in your home long term and explain your situation and provide supporting documentation.

If there is no way “on heaven or earth” you could be forced to leave your property, then take solace in the fact that most lenders can be flexible. Making themselves whole. Basically, if you’ve only missed several payments, sometimes your loan provider will just add the sum of your missed payments back onto your balance. It is all about the money with your mortgage company. Ask them for their assistance so that you can pay them what you owe. They won’t need to be reminded that they will end up earning 100 % on the money they lent you.. Banks are not in the business of losing profits, so they are really hesitant to foreclose on your property… they would wind up incurring a significant loss. They don’t want to do it.

It sounds obvious, but for some reason lenders apparently, forget it when they say no to a homeowner in need of a little leeway.

5. Sell to an investor

Glymph Properties will help if you are behind on your payments, and need to sell your Detroit home. In particular instances, we may even be able to help you stay in your home.

Glymph Properties work with Detroit, Michigan homeowners to find solutions to home loan problems.

We will let you know how we can help.

 

If you need to sell a property near Detroit, Michigan, we can help you. We buy Detroit, Michigan homes like yours extremely fast.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or fill out the form here today- http://www.GPBuyshomes.com!

Glymph Properties is happy to help you get answers to your hardest questions concerning Detroit properties, so please feel free to contact us at 888-509-6267 Ext 4 and chat with us anytime.

Fill out this form or give us a call anytime at 888-509-6267 Ext 4 for a Fast, Reasonable Cash Offer

Visit our website -See how we buy properties fast!

Check out our articles to educate sellers!

www.gpbuyshomes.com/blog

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Do you need to find more extremely high ROI properties to invest in… go to our investor website or give us a call anytime at 888-509-6267 Ext 3

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Free investor resources!

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Have a look at our rent-to-own blog!

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