Nearing Foreclosure in Lexington… The top methods to prevent it!

Help, I’m behind on my home loan payments in Lexington, Kentucky!

the top property buyers in 40507

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Behind on house loan? Late on your bank loan…Browse through this blog for a couple of ideas on what you can do to prevent and avoid foreclosure.

Being late on your house mortgage is like treading water in the middle of the Pacific ocean while being circled by sharks, having a person In the only life raft on the face of the planet throw a bag of rocks with ” Lexington, Kentucky foreclosure” printed on it at your head.

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

If you are seriously behind on house loan payments there are a few options that can help you to avoid foreclosure in Lexington, Kentucky maybe even sell your house. A good deal of properties in Lexington have been lost to foreclosure, but there are a number of ways to avoid it.

1. Throwing in the Towel

Everyone is terrified of bankruptcy- it could be a very complicated process. If you’re being crushed by lots of debt, bankruptcy can be a great way to negotiate with lots of lenders at once. It is a complicated process. It will put all your lenders on notice and help you to negotiate a settlement. Your mortgage 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. Talk to your lenders – let them know you will definitely continue paying your loan as soon as possible

Doing so can buy you more time, but may come with more penalties. If you reaffirm your commitment to make your mortgage payments, you have to make your payments. If your Lexington, Kentucky property is auctioned, an affirmation could cause extra responsibilities.

3. MHA Program

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

Be prepared to deal with a lot of paperwork because as I am sure you are aware MHA is a government program. It is not free money, you gotta work for it.

4. Negotiate

Most lenders offer some level of assistance. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your house loan payments. It’s in the realm of possibilities if you work hard and negotiate with your lender.

The most common approach the lenders will take is to have you refinance, but just as an FYI, by the time you’re a few bank loan payments behind you probably won’t qualify for an interest rate reduction.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. Perseverance. Tenacity. Self-discipline. You have to have them all in order to get through all the red tape. Regardless of how frustrated you become never be rude. Try not to come across as entitled, but try to get as much help from anyone in a position to help as possible. Reassure the bank that you want to live in your home long term and explain your situation and provide supporting documentation.

If this is really a temporary situation and does not want to give up your property, most lenders would probably be willing to work with you. Sometimes they’ll be willing to add several months of mortgage payments back onto the primary balance of your loan. It is all about the bottom line with them, so remind them that you need a little bit of their assistance to give them a ton of money in the long run. Accepting a major loss is not on the agenda for the lenders. They don’t want to put your property into foreclosure because they know that if they come to terms with you they will earn an incredible profit in the end.

You’d probably think that this is common sense, but lenders routinely get trapped in the emotion of the circumstances and disregard that. Simply put…Remind them.

5. Increase your credit rating and sell your house quickly

Glymph Properties can help if you are behind on your payments, and need to sell your Lexington property. In specific instances, we may even be able to help you stay in your home.

Glymph Properties work with Lexington homeowners to find solutions to prevent pre-foreclosure.

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

 

If you need to get rid of a house near 40507, we should be able to help you. We buy Lexington houses 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!

We are delighted to help you discover answers to your hardest questions concerning selling a property extremely quickly in Lexington, 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 us a call anytime at 888-509-6267 Ext 4 for a Reasonable Cash Offer

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We are interested in purchasing houses within 25 miles of the following zip codes: 40502, 40503, 40504, 40505, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517.

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Do you need to find more high ROI properties to invest in… 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 or house… visit our rent-to-own website or give Glymph Properties a ring anytime at 888-509-6267 Ext 5

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