Help Me Out! I’m behind on my Lexington home mortgage payments

Please help, I am behind on my mortgage loan payments in Lexington, Kentucky!

 cash for houses Lexington, Kentucky

 Late on mortgage loan?

Prevent foreclosure on your Lexington, Kentucky home by reading through this succinct post.

Sinking. Impossible. Bombarded. Lost cause. Terrifying. That’s how anybody would feel when you need to miss a few home payments in a city like Lexington.

Besides making the most recent payment, then you have to worry about playing catch-up on the house loan payments you have missed and the fees… It can be daunting.

If you are behind on mortgage loan payments there are a few options that can help you to avoid foreclosure in Lexington maybe even keep your property. So many Lexington houses have been stolen via foreclosure, but there are several ways to avoid it.

1. Chapter 11

No one really wants to file for bankruptcy. 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 one on one. It won’t make your mortgage loan go away, but it will put you on a path to eventually walk away. You are not going to come out unscathed, but you will survive. Different lenders will treat your situation in different ways. 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

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

3. Making property Affordable (MHA)

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

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). You might be able to get your mortgage payments suspended or reduced if you are unemployed.

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

4. Negotiate 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 going to be tough and take a lot of work… but you may be able to get your interest rate reduced and/or temporarily reduce or pause your home loan payments.

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

Brutal. That is the best word to describe the typical experience most people have when negotiating with their mortgage lender. Patience. Tenacity. Resolve. You have to have them all in order to get through all the red tape. Never, ever act rude. It is a balancing act. Ask for help from anyone in a position to help, but do not act entitled. don’t give up. Explain your situation. Offer any supporting documents you have. Most importantly, let the bank know that you are fighting for your home because you plan on living there long term.

If this is truly a short-term situation and doesn’t want to give up your house, most banks would probably be willing to work with you. Sometimes they will be willing to add a number of months of mortgage loan payments back onto the primary balance of your loan. Your mortgage loan balance is nothing to them. Not even a drop in the ocean. Remind them that you need a little help and that at the end they will end up getting a lot more revenue in the future. Banks are not in the business of losing money, so they are very reluctant to foreclose on your property… they’d end up taking an immense loss. They would really prefer not to do it.

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

5. Get a loan from an investor

We will buy your house in Lexington if you’re behind on your payments, and need to sell your Lexington house. In certain instances, we may even be able to help you stay in your home.

Glymph Properties work with homeowners in Lexington, Kentucky to find solutions to foreclosure problems.

We will let you know what kind of assistance we can provide.

 

If you need to sell a property near 40507, we should be able to help you. We buy homes in Lexington like yours fast.

Give us a call anytime 888-509-6267 Ext 4 or stop by our website now- http://www.GPBuyshomes.com!

Glymph Properties is delighted to help you uncover answers to your most challenging questions concerning the Lexington, Kentucky real estate market, so please give us a ring 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 Good Cash Offer

www.gpbuyshomes.com/sell-my-house-fast-lexington-ky -See how we buy properties fast!

Check out our blog!

www.gpbuyshomes.com/blog

We are interested in acquiring properties within 40 miles of the following zip codes: 40502, 40503, 40504, 40505, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517.

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Looking for help to find other high ROI investment properties or land… visit our investor website or give us a call anytime at 888-509-6267 Ext 3

Visit our investor website

Free investor resources!

www.gpsellshomes.com/blog

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Are you looking for a rent to own House… take a look at our rent-to-own website or give Glymph Properties a call anytime at 888-509-6267 Ext 5

www.gprent2own.com/rent-to-own- Lexington

Absolutely free rent-to-own resources!

www.gprent2own.com/blog

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