Louisville Foreclosure: What can I do to prevent it?

In Louisville, Kentucky And Want Help: I Haven’t Paid The Last Few Mortgage Loan Payments On My Property!

 we buy properties 40207

Missed several bank loan payments?

Prevent foreclosure on your Louisville home by reading this short article.

Hell on Earth. We hear the ridiculous stories all the time about the sense of imminent tragedy that consumes homeowners when they miss a few bank loan payments in a foreclosure happy city like Louisville, Kentucky that is known for auctioning people’s properties off.

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

If you are in Louisville, Kentucky and behind on a few bank loan payments, there are a few things you can do to avoid foreclosure. Lots of properties in Louisville have been lost to foreclosure, but there are many ways to avoid it.

1. Throwing in the Towel

Typically, this is the last thing you want to do. 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 can be a complex 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. Every lender has its own process that it follows for bankruptcies. You would benefit from serious professional help- the best you can afford.

2. Reaffirm

This can be a good card to play, but it may come with some unseen penalties. 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. MHA Program

You might be able to participate in the MHA program if your home 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 home 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 mortgage 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. It ain’t free money, you gotta work for it.

4. Hammer out a deal

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 mortgage loan payment.

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.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. You have to be relentlessly persistent. Your pride kind of has to go out the window. You’re going to have to call, call again and again and again, 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. No matter what happens, do not be rude. Ask for help from everyone you speak with, but do not sound distressed. Explain the situation, offer supporting documents, and reassure the lender that you want to live in your home for the long term.

If this is truly a short-term situation and does not want to give up your house, most lenders would be willing to work together with you. If you only missed several payments, and want to keep your house, then sometimes the mortgage company will just add the missed mortgage loan payments back onto your loan. Overall your lenders will more than double their initial cash outlay, so just ask and they will want to work it out with you. If they need to sell your home at a foreclosure auction, they will end up incurring a huge loss.

You would think that this is common sense, but occasionally the mortgage lenders get caught in the emotion of the circumstance and forget about that. Help remind them.

5. Sell to an investor

We will buy your home in Louisville if you are behind on your payments, and need to sell your Louisville, Kentucky property. If you do not want to go into foreclosure but just need a little assistance, in some instances, we can assist you.

We work with house owners in Louisville, Kentucky to find solutions to prevent foreclosure.

Do not be anxious. Give us a call. We will let you know if we can help or not.

 

If you must get rid of a house near 40207, we can help you. We buy Louisville properties like yours quickly.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or check-out our web site so that we can buy your Louisville home for cash- http://www.GPBuyshomes.com!

We’re glad to help you find answers to your hardest questions concerning Louisville, Kentucky property, 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, Reasonable Cash Offer

Check Out Our Website -See how we buy houses fast!

Check out our articles to educate sellers!

www.gpbuyshomes.com/blog

We buy homes in: 40202, 40203, 40204, 40206, 40209, 40212, 40214, 40258, 40272.

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

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