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

Boost Your Credit Score, Have Your Mortgage Paid Off, & Prevent Getting Behind On Your Payments!

 cash for houses in Lexington

Behind on home loan?

Believe it or not… you can stop foreclosure in Lexington even with many missed property payments.

Hell on Earth. We hear sad stories all the time about the sense of upcoming disaster that swallows homeowners when they miss a couple of mortgage payments in a city like Lexington that’s known to have a remarkably high foreclosure rate.

Not only paying the most recent payment, then you have to worry about playing catch-up on the home loan payments you’ve missed and the fees… It can be intimidating.

Late on a few property bank loan payments on your Lexington home but want to avoid foreclosure…. there are a few things you can do to prevent it. Lots of homes in Lexington, Kentucky have been lost to foreclosure, but there are countless ways to avoid it.

1. Throwing in the Towel

No one really wants to file for bankruptcy. However, negotiating with all of your creditors at once will diminish a ton of stress. It can be a complicated process. It will put all your lenders 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 creditor. So there’s no way we could provide anyone with the exact steps. You’d benefit from serious professional help, the best you can afford.

2. Reaffirm

This could be a great way to keep the “hounds at bay”, but this could come with unforeseen penalties. If you reaffirm your commitment to make your bank loan payments, you have to make your payments. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned.

3. MHA Program

If your mortgage 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 is up to their discretion whether or not they participate in the MHA program.

If your property is underwater, and you are accepted into the MHA program then your principal balance can be lowered as well as your interest rate. Suspended. Reduced. If you are unemployed this is definitely possible.

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

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 pause your mortgage payments.

Most of the time, lenders will want to steer you to refinance your loan, but by the time you’re a few payments behind, you probably do not qualify for a cut in the interest rate.

You have to work diligently to negotiate with a bank. Perseverance. Tenacity. Strength of mind. You have to have them all in order to get through all the red tape. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound distressed. 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 does not want to give up your property, most banks will be willing to work with you. Sometimes they’ll be willing to add a number of months of mortgage loan payments back onto the primary balance of your loan. Your entire bank loan balance is pennies to them. Not even a grain of sand in the Sahara. Let them know that you need a little assistance and that in the end, they’ll end up making a lot more cash in the end.. If they need to sell your property at an auction, they will end up incurring an enormous loss.

It sounds obvious, but for some reason lenders apparently, forget it when saying no to someone in need of help.

5. Contact a Lexington, Kentucky home buyer

If you’re behind in your home loan payments and want to sell fast, we will buy it. Depending on your circumstances, if you would like we may even be able to help you stay in your Lexington house.

We work with property owners in Lexington, Kentucky to find solutions to prevent foreclosure.

Don’t worry. Give us a call. We will let you know if we can help or not.

 

If you need to get rid of a home near 40507, we should be able to help you. We buy homes in Lexington like yours fast.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or fill out the form here today- http://www.GPBuyshomes.com!

Glymph Properties is glad to help you find answers to your most challenging questions about the Lexington, Kentucky housing market, so please feel free to give us a ring at 888-509-6267 Ext 4 and chat with us at any time.

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

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

Free seller resources!

www.gpbuyshomes.com/blog

We buy houses in: 40502, 40503, 40504, 40505, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517.

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

www.gpsellshomes.com/investment-properties- Lexington

Check out our investment blog!

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Are you looking for a rent to own property or home… stop by 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

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