I really want help! I’m late on my house loan on my New Orleans house.

I Missed Many Bank Payments On My New Orleans Property – I Seriously Want Guidance!

Late on house loan?

Prevent foreclosure on your New Orleans, Louisiana property by reading this short write-up.

Hell on Earth. We hear sad stories all the time about the sense of upcoming doom that swamps people when they fail to make a couple of property payments in a foreclosure happy city like New Orleans, Louisiana that is known for auctioning people’s homes off.

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 ain’t like life’s bills just stop coming. If anything… when you are behind it just feels like more bills come out of the woodwork.

Late on a few house bank loan payments on your New Orleans house but want to avoid foreclosure…. there are a few things you can do to prevent it. Lots of properties in New Orleans, Louisiana have been lost to foreclosure, but there are several ways to avoid it.

1. Chapter 7

No one really wants to file for bankruptcy. Debts piling up. You feel like you are being crushed. Bankruptcy will allow you to lift that burden all at once versus having to negotiate with each lender individually. It is a complicated process. It will put all your creditors on notice and help you to negotiate a settlement. Your home loan could be one of those. With that being said… it will leave a permanent mark on your credit history. Your mortgage creditor may handle the process completely different than someone else’s lender. So there is no way Glymph Properties could provide anyone with the exact steps. If you are considering bankruptcy, our advice would be to get professional help.

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

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’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 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.

With MHA, your mortgage loan payments and/or interest rates might be lowered even the principal balance (if your property is worth less than you owe). If you are unemployed, you might be able to get your bank loan payments temporarily suspended or reduced.

MHA is a government program, so be prepared to deal with lots of paperwork. It is free money, but you’ll have to jump through some hoops to get 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. 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 temporarily stop your house loan payments.

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

Brutal. That’s the best word to describe the typical experience most people have when negotiating with their bank. You have to have enough patience to watch concrete dry to get through all the bureaucracy. Never, ever be rude. Try not to come across as anxious, but try to get as much help from anyone in a position to help as possible. Explain the situation, offer supporting documents, and reassure the bank that you want to live in your property for the long term.

If this is, in fact, a short-term situation and does not want to give up your home, most banks will be willing to work together with you. If you only missed a number of payments, and want to keep your house, then sometimes the loan company will just add the missed payments back onto your loan. Your house loan balance is practically nothing to them. Not even a drop in the basket. Remind them that you need assistance and that ultimately they’ll end up getting a lot more revenue in the future. The last thing that the lenders want to do is take your home because they would miss out on a lot of money. If you will meet them 1/2 way they’ll try to figure something out with you.

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

5. Increase your credit rating and sell your property quickly

If you’re behind in your house loan payments and want to sell fast, Glymph Properties can help. In specific situations, we may even be able to help you stay in your home.

We work with house owners in New Orleans to find solutions to property foreclosure problems.

We’ll let you know how we can help.

 

If you have to sell a house near New Orleans, we should be able to help you. We buy New Orleans, Louisiana houses like yours quickly.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or pay a visit to our website now- www.GPBuyshomes.com!

We are very happy to help you uncover answers to your hardest questions concerning the New Orleans, Louisiana real estate market, so please feel free to 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 Reasonable Cash Offer

www.gpbuyshomes.com/sell-my-house-fast-new-orleans -See how it works

Check out our articles to educate sellers!

www.gpbuyshomes.com/blog

We are interested in acquiring houses within 60 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 other extremely high ROI investment properties or land… check out our investor website or give us a ring anytime at 888-509-6267 Ext 3

See how investing works with Glymph Properties

Check out our investment blog!

www.gpsellshomes.com/blog

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Looking for a rent to own property or property… have a look at our rent-to-own website or give Glymph Properties a ring anytime at 888-509-6267 Ext 5

Visit our rent-to-own website

Zero cost rent-to-own resources!

www.gprent2own.com/blog

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