New Orleans Foreclosure: How can I stop it?

Please help, I’m behind on my mortgage loan payments in New Orleans, Louisiana!

 house buyers in New Orleans

Behind on home loan?

Prevent foreclosure on your New Orleans, Louisiana house by reading this quick blog.

Sinking. Powerless. Bombarded. Lost cause. Daunting. That’s how it feels if you get behind on your bank loan in a city like New Orleans.

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

Missed a few property house loan payments on your New Orleans home but want to avoid foreclosure…. there are a few things you can do to prevent it. So many New Orleans, Louisiana houses have been stolen via foreclosure, but there are several ways to avoid it.

1. Flying the white flag

This is usually the last option. Bills piling up. You feel like you are being crushed. Bankruptcy would allow you to lift that burden all at once versus having to negotiate with each lender individually. It won’t make your mortgage loan disappear altogether, but it will put you on a path to eventually walk away. You won’t come out unscathed, but you will survive. Your mortgage lender may handle the process completely different than someone else’s lender. So there’s no way we could provide anyone with the exact process. Get the best professional help you can afford if you are filing bankruptcy.

2. Reaffirm

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. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned off.

3. Making property Affordable (MHA)

You might be able to participate in the MHA program if your home 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 mortgage loan 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. This “free” money isn’t completely free… you’ll have to pay for it with your time and energy.

4. Negotiate with your bank

Call your lender. You’ll learn that nearly all of them have some sort of assistance for this very issue. 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 mortgage payments.

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 are looking for is a brief reprieve from bank loan 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.

Brutal. That is the best word to describe the typical experience most people have when negotiating with their mortgage lender. You have to be doggedly persistent. Your pride kind of has to go out the window. You are going to have to call, call again and again and again, and email. When you feel fed up and think ” they should be working with me” you are going to have to swallow It and call again. Never, ever act rude. It’s a balancing act. Ask for help from anyone in a position to help, but don’t be desperate. do not give up. Explain your situation. Offer any supporting documents you have. Most importantly, let the bank know that you are fighting for your property because you plan on living there long term.

If you are in need of a temporary fix and want to keep your house, most banks can be forgiving. Sometimes they would be open to adding several months of mortgage payments back onto the primary balance of your loan. Your home loan balance is almost nothing to them. Not even a grain of sand in the Kalahari Desert. Let them know that you need help and that when it’s all said and done they will end up getting a lot more money in the long run. Banks aren’t in the business of taking a loss, so they are really hesitant to foreclose on your property… they would end up taking a major loss. They really don’t want to do it.

It sounds obvious, but for some reason lenders frequently forget it when saying no to a homeowner in crisis.

5. Put Home Ownership On Hold & Sell to New Orleans Investor

If you’re behind in your house loan payments and need to sell fast, we can buy it. In certain circumstances, we may even be able to help you stay in your house.

Glymph Properties work with New Orleans house owners to find solutions to prevent pre-foreclosure.

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

 

If you have to sell a property near 70123, we should be able to help you. We buy homes in New Orleans like yours quickly.

Give us a call anytime 888-509-6267 Ext 4 or stop by our site now- http://www.GPBuyshomes.com!

Glymph Properties is delighted to help you find answers to your most challenging questions about New Orleans properties, so please give us a ring at 888-509-6267 Ext 4 and chat with us 24/7/365.

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

www.gpbuyshomes.com/sell-my-house-fast-new-orleans -See how it works

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We buy homes within 55 miles of the following zip codes: 70112, 70113, 70114, 70115, 70116, 70117, 70118, 70119, 70122, 70124, 70125, 70126, 70127, 70128, 70129, 70130, 70131.

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Do you need to find more high ROI properties to invest in… take a look at our investor website or give us a call anytime at 888-509-6267 Ext 3

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Are you looking for a rent to own property or house… check out our rent-to-own website or give us a ring anytime at 888-509-6267 Ext 5

www.gprent2own.com/rent-to-own- New Orleans

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