5 Tactics to Avoid Foreclosure in Lexington

Help, I’m behind in my mortgage payments in Lexington!

 cash for houses in 40507

I Must Sell A House in Kentucky Super Fast

Late on mortgage? Missed several payments and need a few tips to prevent and avoid foreclosure on a Lexington, Kentucky property then go through this article.

Being late on your house mortgage is like treading water in the middle of the ocean while being circled by sharks, having a person In the only life raft on the face of the planet throw a bag of rocks with ” Lexington foreclosure” printed on it at your head.

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

If you are in Lexington, Kentucky and behind on a few mortgage loan payments, there are a few things you can do to avoid foreclosure. A whole lot of homes in Lexington, Kentucky have been lost to foreclosure, but there are a lot of ways to avoid it.

1. Chapter 7

This is ordinarily the last option. Bills piling up. You feel like you’re being crushed. Bankruptcy will allow you to lift that burden all at once versus having to negotiate with each lender individually. It is a whole lot of work, and it won’t help you avoid your house loan. Different lenders will treat your situation in unique ways. Get the best professional help you can afford if you are filing bankruptcy.

2. Reaffirm

Doing so can buy you more time, but may come with more penalties. Basically, reaffirming the loan is an additional commitment to pay. If your Lexington property is auctioned, an affirmation could cause extra responsibilities.

3. Making property Affordable (MHA)

You might be able to participate in the MHA program if your mortgage qualifies. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders can choose to participate in MHA or not.

If your property is underwater, and you are accepted into the MHA program then your principal balance can be lowered as well as your interest rate. You might be able to get your house loan payments suspended or reduced if you are unemployed.

Be prepared to deal with a lot of paperwork because as I am sure you’re aware MHA is a government program. It ain’t free money, you gotta work for it.

4. Hammer out a deal

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

Most of the time, lenders will want to steer you to refinance your loan, but by the time you are a few payments behind, you probably do not qualify for a decrease in the interest rate.

Negotiating with the bank is like running a marathon, after a marathon, after a decathlon, after an iron man. Persistence. Tenacity. Resolve. You have to have them all in order to get through all the red tape. Don’t sink your own ship by being rude. Try not to come across as entitled, but try to get as much help from anyone in a position to help as possible. Reassure the bank that you want to live in your home long term and explain your situation and provide supporting documentation.

If you really want to stay in your Lexington home and make “nice” with the bank, just make them aware of the situation. Your lender is remarkably forgiving as long as you are willing to work with them. Making themselves whole. Essentially if you have only missed one or two payments, sometimes your mortgage lender will just tally your missed payments back onto your balance. Your bank loan balance is practically nothing to them. Not even a drop in the bucket. Remind them that you need assistance and that ultimately they’ll end up making a lot more money in the future. Banks are not in the business of losing profits, so they are exceptionally hesitant to foreclose on your house… they would take a significant loss. They would prefer not to do it.

The logic is sound and based on facts, but occasionally the bankers get stuck in the emotion of the situation and overlook that. Simply put…Remind them.

5. Sell to a local Lexington, Kentucky investor

If you are behind in your mortgage payments and really want to sell fast, we can help. If you don’t want to go into foreclosure but just need a little breathing room, in some situations Glymph Properties can assist you.

Glymph Properties work with Lexington property owners to find solutions to prevent pre-foreclosure.

Give us a call and we’ll see what we can do for you!

 

If you have to get rid of a property near 40507, we should be able to help you. We buy Lexington properties like yours fast.

Give us a call anytime 888-509-6267 Ext 4 or check-out our site so that we can buy your Lexington, Kentucky property for cash- www.GPBuyshomes.com!

We’re delighted to help you uncover answers to your most difficult questions regarding selling a property fast in Lexington, Kentucky, so please feel free to give us a ring at 888-509-6267 Ext 4 and chat with us whenever.

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

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Free seller resources!

www.gpbuyshomes.com/blog

We buy houses near: 40502, 40503, 40504, 40505, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517.

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Do you need to find more extremely high ROI investment properties or land… explore our investor website or give us a ring anytime at 888-509-6267 Ext 3

Visit our investor website

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Searching for a rent to own property… explore our rent-to-own website or give Glymph Properties a call anytime at 888-509-6267 Ext 5

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