I Missed A Few Payments On My Omaha Property – I Really Need Guidance!
Late on mortgage?
Missed a few payments and need a few tips to prevent and avoid foreclosure on your Omaha, Nebraska home then go through this article.
Missed a number of payments on my property in Omaha, Nebraska. ” Honestly, it feels like I can’t breathe.”
Not just paying the most recent payment, then you have to worry about playing catch-up on the mortgage loan payments you have missed and the fees… It can be challenging.
Missed a few house payments on your Omaha, Nebraska home but want to avoid foreclosure…. there are a few things you can do to prevent it. So many Omaha properties have been swiped via foreclosure, but there are ways to avoid it.
1. Throwing in the Towel
Everyone is terrified of bankruptcy- it could be a very tough process. Bills piling up. You feel like you’re being crushed. Bankruptcy will allow you to lift that burden all at once versus having to negotiate with each lender individually. It won’t make your home loan fade away, but it will put you on a path to eventually walk away. You won’t come out unscathed, but you will survive. Different creditors will treat your circumstances in different ways. If you are considering bankruptcy, our advice would be to get professional help.
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 unforeseen consequences. If you reaffirm your commitment to make your payments, you have to make your payments. If your Omaha property is auctioned off, an affirmation could cause extra responsibilities.
3. MHA Program
If your bank 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. If you’re unemployed, you might be able to get your bank loan payments temporarily suspended or reduced.
MHA is a government program, so be prepared to deal with lots of paperwork. It is free money, but you’ll have to jump through some hoops to get it.
4. Hammer out a deal
Call your lender. You’ll learn that nearly all of them have some sort of assistance for situations just like this. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your house loan payment.
If there is even the slightest chance that lenders can make money from your situation they will steer you towards refinancing. If you can afford it, and all you are looking for is a temporary break 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 bank loan savings are.
Negotiating with the bank is like running a marathon, after a marathon, after a decathlon, after an iron man. You have to be doggedly persistent. Your pride kind of has to go out the window. You’re going to have to call, call again and again and again, fax, 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. Regardless of how frustrated you become never 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. 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.
Let me let you in on a little secret. Banks and lenders are not in the real estate business they are in the money lending business. They do not want to become landlords. They want you to keep your home, so you can continue paying them. Sometimes they would be willing to add a handful of months of home loan payments back onto the balance of your loan. It is all about the dollars with your loan company. Ask them for their help so that you can get them what you owe them. They will not need to be reminded that they’ll end up earning 2x the money they lent you. Banks are not in the business of taking a loss, so they are extremely reluctant to foreclose on your home… they would take a huge loss. They do not want to do it.
That sounds obvious, but for some reason mortgage lenders frequently forget it when saying no to someone in crisis.
5. Put Home Ownership On Hold & Sell to an investor that works in Omaha
If you’re behind in your bank loan payments and want to sell fast, Glymph Properties can help. In specific circumstances, we may even be able to help you stay in your home.
We work with property owners in Omaha, Nebraska to find solutions to prevent pre-foreclosure.
Give Glymph Properties a call and we’ll see what we can do for you!
If you need to sell a home near Omaha, Nebraska, we should be able to help you. We buy Omaha, Nebraska properties like yours extremely fast.
Give us a call anytime 888-509-6267 Ext 4 or head over to our website so that we can buy your Omaha house for cash- www.GPBuyshomes.com!
Glymph Properties is glad to help you uncover answers to your most difficult questions concerning the Omaha real estate market, so please call 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 buy houses in: 68022, 68101, 68102, 68104, 68105, 68106, 68107, 68108, 68110, 68111, 68112, 68114, 68116, 68117, 68118, 68122, 68124, 68127, 68130, 68131, 68132, 68134, 68135, 68136, 68137, 68142, 68144, 68152, 68154, 68164.
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