Keeping your Lincoln house when you are super late on your house loan payments!

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 avoid foreclosure in Lincoln

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Behind on house loan? Whether you believe it or not… you can prevent foreclosure in Lincoln, Nebraska even with a few missed house payments.

Missing payments on your house mortgage loan is like treading water in the deep end of the swimming pool, then having your best friend run to the edge of the swimming pool and throwing an anvil with ” Lincoln foreclosure” printed on it at your head.

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

There are a few choices that can help you to avoid foreclosure in Lincoln, Nebraska and maybe even keep your house, even if you’re behind in mortgage payments. Quite a lot of properties in Lincoln have been lost to foreclosure, but there are numerous ways to avoid it.

1. Chapter 11

This is generally the tool of last resort. Bills piling up. You feel like you are being crushed. Bankruptcy would allow you to lift that burden all at once versus having to negotiate with each lender individually. It won’t make your house loan disappear altogether, but it will put you on a path to eventually walk away. You will not come out unscathed, but you will survive. Different creditors will treat your circumstances in unique ways. Get the best professional help you can afford if you are filing bankruptcy.

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 house loan payments, you have to make your payments. If your Lincoln, Nebraska property is auctioned, an affirmation could cause extra responsibilities.

3. Making House Affordable (MHA)

If your home 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.

The principal balance on your mortgage and even your interest rates may be lowered if you are eligible for the MHA program. 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 is a ton of paperwork. It isn’t free money, you gotta work for it.

4. Bargain 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.

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 are looking for is a temporary break from home loan 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.

You have to work very hard to negotiate with a bank. 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 shafting me” you are going to have to swallow It and call again. Do not sink your own ship by being rude. Ask for help from everyone you speak with, but don’t sound frantic. Reassure the bank that you want to live in your house long term and explain your situation and provide supporting documentation.

Let me let you in on a little secret. Banks and lenders aren’t in the real estate business they are in the mortgage origination business. They do not want to be saddled with a home that they’re not properly equipped to handle. They want you to keep your home, so you can keep paying them. If you only missed a number of payments, and want to keep your house, then sometimes the mortgage company will just add the missed bank loan payments back onto your loan. Over time your loan providers will more than 2x their outlay, so just talk to them and they’ll want to make it work with you. The last thing that the mortgage lenders want to do is take your home because they would miss out on a ton of money. If you will meet them midway they’ll make it work with you.

You would probably think that this is common sense, but occasionally the mortgage lenders get stuck in the passion of the circumstances and overlook that. Simply put…Remind them.

5. Contact a local Lincoln investor

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

Glymph Properties work with Lincoln, Nebraska house owners to find solutions to prevent foreclosure.

We’ll let you know how we can help.

 

If you really need to sell a home near Lincoln, we can help you. We buy Lincoln houses like yours quickly.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or visit our website today- http://www.GPBuyshomes.com!

Glymph Properties is delighted to help you uncover answers to your toughest questions regarding the Lincoln, Nebraska housing market, so please feel free to get in touch with us at 888-509-6267 Ext 4 and chat with us whenever.

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

Visit our website -See how it works

Free seller resources!

www.gpbuyshomes.com/blog

We buy properties within 75 miles of the following zip codes: 68430, 68501, 68502, 68503, 68504, 68505, 68506, 68507, 68508, 68510, 68512, 68514, 68516, 68517, 68521, 68522, 68524, 68526, 68527, 68528, 68532.

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Are you looking to find other extremely high ROI properties to invest in… have a look at our investor website or give us a ring anytime at 888-509-6267 Ext 3

Visit our investor website

Free investor resources!

www.gpsellshomes.com/blog

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Trying to find a rent to own property or house… check out our rent-to-own website or give Glymph Properties a call anytime at 888-509-6267 Ext 5

See Glymph Properties Rent-To-Own Properties

Take a look at our rent-to-own blog!

www.gprent2own.com/blog

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