Five Approaches to Prevent Foreclosure in Indianapolis, Indiana

I Own A House In Indianapolis, Indiana And Owe On My Home Loan, But I Want To Sell!

 Sell a place for cash Indianapolis

 

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

Late on a few house bank loan payments on your Indianapolis house but want to avoid foreclosure…. there are a few things you can do to prevent it. So many Indianapolis houses have been stolen via foreclosure, but there are numerous ways to avoid it.

1. Chapter 7

This is usually the tool of last resort. If you are being crushed by lots of debt, bankruptcy can be an easy way to negotiate with lots of creditors at once. It can be a complicated process. It will put all your lenders on notice and help you to negotiate a settlement. Your mortgage loan could be one of those. With that being said… it will leave a permanent mark on your credit history. Every lender has its own process that it follows for bankruptcies. You would benefit from serious professional help, the best you can afford.

2. Talk to your lenders – let them know you will definitely continue paying your loan as soon as possible

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 Indianapolis property is auctioned, an affirmation could cause extra responsibilities.

3. MHA Program

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 mortgage 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.

Like with anything having to deal with the government MHA is a government program so there is a ton of paperwork. It’s free money, but you’ll have to jump through some hoops to get it.

4. Talk directly with your bank

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 bank loan payment.

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 payments behind you probably won’t qualify for an interest rate reduction.

You have to work diligently to negotiate with a bank. Usually it takes lots of calls and the patience of a saint to get through the bureaucracy. No matter what happens, don’t be rude. Ask for help from everyone you speak with, but don’t sound needy. Explain the situation, offer supporting documents, and reassure the lender that you want to live in your house for the long term.

Here is some insight on a little realized fact. Banks and lenders aren’t in the real estate business they are in the mortgage origination business. They do not want to become landlords. They do not want you to lose your property, so you can keep paying them. If you only missed several payments, and want to keep your property, then sometimes the loan provider will just add the missed house loan payments back onto your loan. Your entire home loan balance is pennies to them. Not even a grain of sand in the Serengeti. Remind them that you need a little help and that at the end they’ll end up making a lot more revenue in the end.. If they have to sell your house at a foreclosure auction, they’ll end up incurring an enormous loss.

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

5. Increase your credit rating and sell your house quickly

If you are behind in your home loan payments and really need to sell fast, Glymph Properties can buy it. Depending on your circumstances, if you would like we may even be able to help you stay in your Indianapolis, Indiana house.

We work with Indiana property owners to find solutions to property foreclosure problems.

Don’t worry. Give us a call. We’ll let you know if we can help or not.

 

If you need to get rid of a home near Indianapolis, we can help you. We buy Indianapolis, Indiana properties like yours quickly.

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

We are glad to help you uncover answers to your most challenging questions regarding Indianapolis real-estate, so please feel free to call us 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 Reasonable Cash Offer

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

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