Losing My Fresno House: What can I do to prevent it?

I l Own A Property In Fresno, California And Owe On My Mortgage, But I Want To Get Rid Of It!

 house buyers in 93704

 

Behind on mortgage loan? Late on your mortgage…Look at this blog for a number of recommendations on what you can do to prevent and prevent foreclosure.

Sinking. Powerless. Inundated. Lost cause. Frustrating. That’s how everyone feels when you get behind on your home loan in a city like Fresno, California.

Bringing your Past-Due home loan balance current can seem to be impossible, especially when you don’t even know if you’ll be able to make this months mortgage payment.

There are a few choices that can help you to avoid foreclosure in Fresno, California and maybe even keep your house, even if you are behind on payments. A good deal of properties in Fresno have been lost to foreclosure, but there are a number of ways to avoid it.

 

1. Chapter 13

Everyone is terrified of bankruptcy- it is usually a very complex process. Debts 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 can be 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 an everlasting mark on your credit history. Your mortgage lender may handle the process completely different than someone else’s lender. So there is no way we could provide anyone with the exact process. Get the best professional help you can afford if you are filing bankruptcy.

 

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 unforeseen consequences. Basically, reaffirming the loan is an additional commitment to pay. If your Fresno property is auctioned, an affirmation could cause extra responsibilities.

 

3. Making House Affordable (MHA)

You might be able to participate in the MHA program if your bank 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 house loan payments and/or interest rates might be lowered even the principal balance (if your property is worth less than you owe). You might be able to get your home loan payments suspended or reduced if you are unemployed.

MHA is a government program, so be prepared to deal with lots of paperwork. It is not free money ‘ you gotta work for it.

 

4. Hammer out a deal

Most lenders offer some level of assistance. 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 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 home loan payments behind you probably won’t qualify for an interest rate reduction.

You have to work really hard to negotiate with a bank. You have to have enough patience to watch concrete dry to get through all the bureaucracy. Do not sabotage yourself by being obnoxious. It truly is a balancing act. Ask for help from anyone in a position to help, but don’t be obnoxious. Reassure the bank that you want to live in your home long term and explain your situation and provide supporting documentation.

If “come hell or high water” you have no plans of leaving your property, then bank on the fact that most banking institutions can be flexible. Sometimes they’ll be open to adding a number of months of bank loan payments back onto the balance of your loan. Ultimately your loan providers will more than double their initial cash outlay, so just ask and they will want to work it out with you. Banks aren’t in the habit of taking a loss, so they are exceptionally reluctant to foreclose on your house… they’d incur a massive loss. They really don’t want to do it.

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

 

5. Contact a Fresno investor

We will buy your Fresno, California house if you are behind on your payments, and need to sell your Fresno, California house. In certain situations, we may even be able to help you stay in your home.

Glymph Properties work with house owners in Fresno, California to find solutions to mortgage problems.

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

 

If you have to sell a house near Fresno, California, we can help you. We buy Fresno, California properties like yours quickly.

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

Glymph Properties is glad to help you uncover answers to your toughest questions concerning the Fresno, California real estate market, so please give us a ring 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 Fast Cash Offer

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Free seller resources!

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We are interested in purchasing properties within 50 miles of the following zip codes: 93650, 93701, 93702, 93703, 93704, 93705, 93710, 93711, 93721, 93722, 93726, 93728, 93730.

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

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Trying to find a rent to own property… head over to our rent-to-own website or give Glymph Properties a ring anytime at 888-509-6267 Ext 5

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Check out our rent-to-own articles to teach renters looking to buy!

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