5 Strategies to Prevent Foreclosure in New Orleans

I Live In New Orleans And Need Help: I Missed The Last Few Mortgage Loan Payments On My Home!

 save me from foreclosure New Orleans

Missed several bank loan payments?

Believe it or not… you can prevent foreclosure in New Orleans, Louisiana even with a lot of missed property payments.

When you get behind in your mortgage payments on your New Orleans, Louisiana home, it can feel like you are being consumed by debt.

Bringing your Past-Due home loan balance current can feel almost impossible, especially when you do not even know if you will be able to make this months mortgage loan payment.

If you are behind on payments there are a few options that can help you to avoid foreclosure in New Orleans maybe even sell your house. Tons of homes in New Orleans have been lost to foreclosure, but there are many ways to avoid it.

1. Chapter 11

Most see bankruptcy as the absolute last option. However, negotiating with all of your lenders at once will alleviate a ton of stress. It won’t make your mortgage loan evaporate, but it will put you on a path to eventually walk away. You wouldn’t come out unscathed, but you will survive. Different creditors will treat your situation in different ways. You would benefit from serious professional help, the best you can afford.

2. Reaffirm

Doing so can buy you more time, but may come with more penalties. If you reaffirm your commitment to make your payments, you have to make your payments. If your New Orleans property is auctioned off, an affirmation could cause extra responsibilities.

3. Making Home Affordable (MHA)

You might be able to participate in the MHA program if your house loan qualifies. 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.

If your home is underwater, and you are accepted into the MHA program then your principal balance can be lowered as well as your interest rate. Suspended. Reduced. If you are unemployed this is definitely possible.

MHA is a government program, so be prepared to deal with lots of paperwork. It is not free money ‘ you gotta work for it.

4. Talk directly with your bank

Call your lender. You’ll learn that nearly all of them have some sort of assistance for situations just like this. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your mortgage payments. It’s in the realm of possibilities if you work hard and negotiate with your lender.

The most common approach the lenders will take is to have you refinance, but just as an FYI, by the time you’re a few home loan payments behind you probably won’t qualify for an interest rate reduction.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. You have to have enough patience to watch concrete dry to get through all the bureaucracy. Never, ever be rude. Ask for help from everyone you speak with, but do not sound frantic. Reassure the bank that you want to live in your property long term and explain the situation and provide supporting documentation.

Here is some insight on a little realized reality… Banks and lenders aren’t in the real estate business they are in the money lending business. They do not want to become landlords. They want you to keep your house, so you can continue paying them. If you only missed a couple of payments, and want to keep your house, then sometimes the lender will just add the missed bank loan payments back onto your loan. It is all about the capital with your mortgage provider. Ask them for their assistance so that you can send them what you owe. They won’t need to be reminded that they’ll end up doubling the money they lent you. If they need to sell your house at an auction, they’ll end up taking a huge loss.

If a banker can say no to someone like you who needs their help, then obviously they’ve forgotten how their business turns a profit and just need a little help remembering.

5. Give up & Sell to New Orleans Investor

We will help if you are behind on your payments, and need to sell your New Orleans, Louisiana house. If you do not want to sell but just need a little assistance, in some situations we can assist you.

We work with Louisiana homeowners to find solutions to prevent pre-foreclosure.

We’ll let you know how we can help.

 

If you must sell a property near New Orleans, we should be able to help you. We buy New Orleans, Louisiana homes like yours fast.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or check-out our web site now- http://www.GPBuyshomes.com!

We’re glad to help you find answers to your toughest questions concerning selling a house incredibly easily in New Orleans, so please give us a ring at 888-509-6267 Ext 4 and chat with us at any time.

Fill out this form or give Glymph Properties a call anytime at 888-509-6267 Ext 4 for a Fair Cash Offer

Visit our website -See how we buy properties fast!

Check out our blog!

www.gpbuyshomes.com/blog

We are interested in obtaining houses within 40 miles of the following zip codes: 70112, 70113, 70114, 70115, 70116, 70117, 70118, 70119, 70122, 70124, 70125, 70126, 70127, 70128, 70129, 70130, 70131.

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Looking for help to find more extremely high ROI investment properties… check-out our investor website or give us a call anytime at 888-509-6267 Ext 3

www.gpsellshomes.com/investment-properties- New Orleans

Check out our investing articles to educate investors!

www.gpsellshomes.com/blog

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Trying to find a rent to own House… take a look at our rent-to-own website or give us a call anytime at 888-509-6267 Ext 5

Visit our rent-to-own website

Check out our rent-to-own blog!

www.gprent2own.com/blog

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