Louisville Pre-foreclosure: Information on how to keep your house even when seriously late on bank payments!

I Own A Home In Louisville And Owe On My Mortgage, But I Want To Get Rid Of It!

Late on mortgage?

Truth be told… you can stop foreclosure in Louisville, Kentucky even with a number of late house payments.

Sinking. Impossible. Bombarded. Lost cause. Challenging. That’s how anybody would feel when you need to miss a few home payments in a city like Louisville, Kentucky.

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

If you are in Louisville and behind on a few mortgage payments, there are a few things you can do to avoid foreclosure. So many Louisville houses have been taken via foreclosure, but there are several ways to avoid it.

1. Flying the white flag

This is ordinarily the tool of last resort. However, negotiating with all of your lenders at once will diminish a ton of stress. It’s a tremendous amount of work, and it will not help you avoid your house loan. Every creditor has its own process that it follows for bankruptcies. 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 unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. If your Louisville property is auctioned, an affirmation could cause extra responsibilities.

3. Making property Affordable (MHA)

You might be able to participate in the MHA program if your house 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.

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. If you are unemployed, you might be able to get your payments temporarily suspended or reduced.

Be prepared to deal with a lot of paperwork because as I’m sure you’re aware MHA is a government program. It is free money, but you are going to have to jump through some hoops to get it.

4. Hammer out a deal

Lots of lenders routinely 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 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’re looking for is a temporary break from mortgage payments then this could work. But… just be aware that ordinarily by the time that you are several payments behind you won’t qualify for a lower interest rate which is where the long term house loan savings are.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. Perseverance. Tenacity. Strength of mind. You have to have them all in order to get through all the red tape. Never, ever be rude. Try not to come across as desperate, but try to get as much help from anyone in a position to help as possible. Explain the situation, offer supporting documents, and reassure the bank that you want to live in your house for the long term.

If you seriously want to stay in your property and make amends with the bank, just let them know. Your mortgage provider is exceptionally forgiving as long as you are willing to work with them. Making themselves whole. Pretty much if you have only missed two or three payments, sometimes your mortgage company will just tally your missed payments back onto your balance. In the long run, your lenders will more than double their cash outlay, so just talk to them and they will want to make it work with you. The last thing they want to do is foreclose because they would lose a ton of money. If you will meet them halfway they’ll try to figure something out with you.

It sounds obvious, but for some reason, bankers apparently forget it when saying no to someone in crisis

5. Sell to a local Louisville investor

Glymph Properties can help if you’re behind on your payments and need to sell your Louisville home. If you do not want to go into foreclosure but just need a little breathing room, in some instances Glymph Properties can assist you.

We work with house owners in Louisville to find solutions to house loan problems.

We’ll let you know how we can help.

 

If you really need to sell a home near Louisville, we can help you. We buy homes in Louisville like yours extremely fast.

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

We are very happy to help you get answers to your hardest questions about selling a house very quick in Louisville, so please get in touch with us at 888-509-6267 Ext 4 and chat with us at any time.

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-louisville-ky -See how it works

Check out our blog!

www.gpbuyshomes.com/blog

We are interested in obtaining houses near: 40202, 40203, 40204, 40206, 40209, 40212, 40214, 40258, 40272.

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Do you need to find more high ROI investment properties… head over to our investor website or give us a ring anytime at 888-509-6267 Ext 3

Visit our investor website

Check out our investment blog!

www.gpsellshomes.com/blog

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Searching for a rent to own property or property… 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- Louisville

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

www.gprent2own.com/blog

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