Please Rescue Me… I’m behind on my mortgage payments in New Orleans, Louisiana

Behind On My house loan, But I Really Want To Sell My Property. Are There Any Local New Orleans, Louisiana Businesses That Can Help Me!

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Behind on house loan?

Contrary to popular belief… you can stop foreclosure in New Orleans, Louisiana even with quite a few late house payments.

Missed a few home loan payments on my house in New Orleans, Louisiana. ” Honestly, it feels like the sky is falling on me.”

Seriously… not only do you have to cover this month’s mortgage, but now you have to find a way to play catch-up and it isn’t like life’s bills just stop coming. If anything… when you are behind it just feels like even more bills come out of the woodwork.

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

1. Chapter 11

Normally, this is the last thing you want to do. If you are being crushed by a load of debt, bankruptcy can be a good way to negotiate with lots of creditors at once. It can be a complex 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. Get the best professional help you can afford if you are filing bankruptcy.

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 house 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 off.

3. MHA Program

If your home loan 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.

The principal balance on your mortgage and even your interest rates may be lowered if you are eligible for the MHA program. You might be able to get your mortgage loan payments suspended or reduced if you are unemployed.

Be prepared to deal with a lot of paperwork because as I am sure you’re aware MHA is a government program. This “free” money is not completely free… you’ll have to pay for it with your time and energy.

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. 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 home loan payments.

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 mortgage loan payments behind you probably won’t qualify for an interest rate reduction.

Brutal. That is the best word to describe the typical experience most people have when negotiating with their bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Do not sink your own ship by being rude. It is a balancing act. Ask for help from anyone in a position to help, but don’t be irritating. 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 property because you plan on living there long term.

If there is no way “on heaven or earth” you could be forced to leave your home, then take solace in the fact that most banks can be amenable. Making themselves whole. Quite simply if you have only missed a small number of payments, sometimes your mortgage company will just add the sum of your missed payments back onto your balance. Your mortgage loan balance is pennies to them. Not even a grain of sand in the Sahara. Point out that you need patience, and that at the end they will end up making a lot more cash in the long run. Banks aren’t in the business of taking a loss, so they are really hesitant to foreclose on your home… they would take a substantial loss. They really do not want to do it.

You’d probably think that this is common sense, but bankers routinely get stuck in the passion of the issue and ignore that. Help remind them.

5. Put Home Ownership On Hold & Sell to an investor that works in New Orleans 

If you are behind in your bank loan payments and really need to sell fast, Glymph Properties will buy it. In specific situations, we may even be able to help you stay in your home.

Glymph Properties work with New Orleans, Louisiana property owners to find solutions to prevent foreclosure.

Do not be concerned. Give us a call. We’ll let you know if we can help or not.

 

If you really need to sell a house near New Orleans, Louisiana, we can help you. We buy homes in New Orleans, Louisiana like yours quickly.

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

Glymph Properties is very happy to help you uncover answers to your most difficult questions concerning selling a house crazy fast in New Orleans, so please feel free to give us a ring 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 Fast Cash Offer

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Check out our articles to educate sellers!

www.gpbuyshomes.com/blog

We are interested in acquiring properties in: 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 other high ROI investment properties… check-out our investor website or give us a call anytime at 888-509-6267 Ext 3

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Looking for a rent to own property or house… head over to our rent-to-own website or give Glymph Properties a ring anytime at 888-509-6267 Ext 5

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