I’m really behind on my house loan payments. Is there a way to keep my New Orleans, Louisiana home?

I Own A House In New Orleans, Louisiana And Owe On My House Loan, But I Want To Get Rid Of It!

 stopping foreclosure 70123

Missed a handful of mortgage loan payments?

Surprisingly… you can avoid foreclosure in New Orleans even with a lot of late house payments.

When you get behind in your bank loan payments on your New Orleans, Louisiana home, it can feel like you are being consumed by debt.

Not only making the most recent payment, then you have to worry about playing catch-up on the payments you have missed and the fees… It can be difficult.

If you are in New Orleans and behind on a few mortgage loan payments, there are a few things you can do to avoid foreclosure. Quite a lot of homes in New Orleans, Louisiana have been lost to foreclosure, but there are many ways to avoid it.

1. Signaling with the white flag

Everyone is afraid of bankruptcy- it could be a very difficult process. If you’re being crushed by a load of debt, bankruptcy can be an excellent way to negotiate with lots of lenders at once. It is a complicated process. It will put all your creditors on notice and help you to negotiate a settlement. Your house loan could be one of those. With that being said… it will leave a permanent mark on your credit history. Different lenders will treat your circumstances in unique ways. If you’re considering bankruptcy, our advice would be to get professional help.

2. Reaffirm

Doing so can buy you more time, but may come with more fines. 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 off.

3. Making House Affordable (MHA)

If your mortgage qualifies, you might be able to participate in MHA. 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 home 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 bank loan payments suspended or reduced if you are unemployed.

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. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your mortgage loan payment.

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 mortgage lender. You have to be relentlessly persistent. You have to be willing to let your pride go out the window. You are going to have to call, call again and again and again, fax, and email. When you feel fed up and think ” they are not cooperating with me” you’re going to have to swallow It and call again. Never, ever be rude. Ask for help from everyone you speak with, but don’t sound hopeless. do not 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.

Let me let you in on a little realized reality… Lenders and banks aren’t in the real estate business they are in the mortgage origination business. They do not want to be stuck with a property that they’re not properly equipped to handle. They do not want you to lose your home, so you can continue paying them. If you only missed a handful of payments, and want to keep your property, then sometimes the mortgage provider will just add the missed home loan payments back onto your loan. Your entire mortgage balance is pennies to them. Not even a grain of sand in the Sahara. Remind them that you need assistance and that in the end, they’ll end up earning a lot more revenue in the end.. Accepting an enormous loss isn’t on the agenda for the loan providers. They don’t want to foreclose on you because they know that if they put in the effort to work a deal out with you they will earn a huge profit in the end.

The logic is sound and based on facts, but occasionally the mortgage lenders get trapped in the emotion of the issue and forget about that. Simply put…Remind them.

5. Contact a New Orleans, Louisiana home buyer

Glymph Properties will help if you’re behind on your payments and need to sell your New Orleans home. If you don’t want to sell but just need a little breathing room, in some instances we can assist you.

We work with house owners in New Orleans to find solutions to prevent pre-foreclosure.

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

 

If you need to sell a house near 70123, we can help you. We buy homes in New Orleans, Louisiana like yours extremely fast.

Give us a call anytime 888-509-6267 Ext 4 or take a look at our website today- http://www.GPBuyshomes.com!

We’re delighted to help you discover answers to your toughest questions regarding the New Orleans housing 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 Glymph Properties 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 we buy propertys fast!

Free seller resources!

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We buy real estate within 75 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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Do you need to find other high ROI properties to invest in… explore our investor website or give us a ring anytime at 888-509-6267 Ext 3

www.gpsellshomes.com/investment-properties- New Orleans

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Looking for a rent to own house… go to our rent-to-own website or give us a ring anytime at 888-509-6267 Ext 5

Visit our rent-to-own website

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