Five secrets to avoid Foreclosure in Miami

I Own A Property In Miami, Florida And Owe On My Bank Loan, But I Want To Sell!

 

Late on home loan? Prevent foreclosure on your Miami, Florida home by reading this post.

Missed several mortgage loan payments on my house in Miami. ” It feels like the wolves are circling.”

Seriously… 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.

If you’re behind on home loan payments there are a few options that can help you to avoid foreclosure in Miami maybe even keep your home. So many Miami, Florida houses have been stolen via foreclosure, but there are ways to avoid it.

1. Chapter 11

No one really wants to file for bankruptcy. If you are being crushed by a load of debt, bankruptcy can be an excellent way to negotiate with lots of lenders at once. It is a lot of work, and it won’t help you avoid your house loan. Your mortgage lender may handle the process completely different than someone else’s lender. So there’s no way Glymph Properties could provide anyone with the exact process. If you’re considering bankruptcy, our advice would be to get professional help.

2. Reaffirm

This can be a good card to play, but it may come with some unseen penalties. If you reaffirm your commitment to make your mortgage loan payments, you have to make your payments. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned.

3. MHA Program

You might be able to participate in the MHA program if your mortgage 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.

The principal balance on your mortgage and even your interest rates may be lowered if you are eligible for the MHA program. If you are unemployed, you might be able to get your mortgage loan payments temporarily suspended or reduced.

Like with anything having to deal with the government MHA is a government program so there’s a ton of paperwork. This “free” money is not completely free… you’ll have to pay for it with your time and energy.

4. Negotiate

Most lenders offer some level of assistance. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your home loan 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 are a few home loan 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 to watch concrete dry to get through the bureaucracy. Do not sink your own ship by being rude. Ask for help from everyone you speak with, but do not sound frantic. Explain the situation, offer supporting documents, and reassure the lender that you want to live in your property for the long term.

If you sincerely want to stay in your Miami property and make “nice” with the bank, just make them aware of the situation. Your lender is remarkably flexible as long as you are willing to work with them. If you only missed a few payments, and want to keep your home, then sometimes the lender will just add the missed home loan payments back onto your loan. Your home loan balance is nothing to them. Not even a grain of sand in the Sahara. Let them know that you need assistance and that in the end, they will end up making a lot more cash in the future. The last thing they want to do is take your property because they’d lose a bunch of money. If you’ll meet them midway they will work with you.

It sounds obvious, but for some reason, lenders appear to forget it when saying no to someone in crisis.

5. Put Home Ownership On Hold & Sell to Miami Investor

If you are behind in your home loan payments and really need to sell fast, we can help. Depending on your situation, if you would like we may even be able to help you stay in your Miami property.

Glymph Properties work with homeowners in Miami, Florida to find solutions to mortgage problems.

Do not stress. Give us a call. We’ll let you know if we can help or not.

 

If you need to sell a home near Miami, Florida, we should be able to help you. We buy Miami houses like yours quickly.

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

We’re delighted to help you find answers to your most difficult questions about Miami, Florida properties, so please feel free to give us a ring at 888-509-6267 Ext 4 and chat with us 24/7/365.

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

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We buy homes within 75 miles of the following zip codes: 33102, 33125, 33126, 33127, 33128, 33129, 33130, 33131, 33132, 33133, 33135, 33136, 33137, 33138, 33142, 33144, 33145, 33149, 33150, 33194.

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