I Own A Property In St. Petersburg And Owe On My Mortgage, But I Want To Get Rid Of It!
Missed several mortgage payments? Behind on your mortgage loan…Check out this post for a few recommendations on what you can do to prevent and prevent foreclosure.
When you get behind in your mortgage payments on your St. Petersburg, Florida home, it can feel like you are being consumed by debt.
Man… not only do you have to pay 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.
If you are behind on mortgage loan payments there are a few options that can help you to avoid foreclosure in St. Petersburg, Florida maybe even sell your house. Quite a lot of properties in St. Petersburg, Florida have been lost to foreclosure, but there are several ways to avoid it.
1. Chapter 11
Normally, this is the last thing you want to do. However, negotiating with all of your lenders at once will relieve a ton of stress. It is a significant amount of work, and it won’t help you avoid your mortgage loan. Your mortgage creditor may handle the process completely different than someone else’s lender. So there is no way we could provide anyone with the exact process. 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
Doing so can buy you more time, but may come with more fines. If you reaffirm your commitment to make your payments, you have to make your payments. If your St. Petersburg, Florida 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 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.
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. Suspended. Reduced. If you are unemployed this is definitely possible.
Like with anything having to deal with the government MHA is a government program so there’s a ton of paperwork. It is not free money ‘ you gotta work for it.
4. Hammer out a deal
Most lenders offer some level of assistance. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your mortgage 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 home 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. 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. Ask for help from everyone you speak with, but do not sound distressed. 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 home because you plan on living there long term.
If there is no way “on heaven or earth” you could be convinced to leave your home, then bank on the fact that most banking institutions can be understanding. If you only missed just a few payments, and want to keep your house, then sometimes the mortgage lender will just add the missed home loan payments back onto your loan. It’s all about the bottom line with them, so remind them that you need a little bit of their help to give them a ton of revenue in the long run. Choosing to take an incredible loss isn’t on the agenda for the loan companies. They do not want to put your house into foreclosure because they know that if they come to terms with you they’ll earn a significant profit in the end.
If a banker can say no to someone like you who needs their help, then realistically they’ve forgotten how their business turns profits and just need a little help remembering.
5. Borrow money from an investor
Glymph Properties will buy your house in St. Petersburg if you’re behind on your payments and need to sell your St. Petersburg, Florida home. Depending on your situation, if you would like we may even be able to help you stay in your St. Petersburg, Florida home.
We work with St. Petersburg house owners to find solutions to foreclosure problems.
We’ll let you know what kind of assistance we can provide.
If you must get rid of a house near St. Petersburg, Florida, we should be able to help you. We buy St. Petersburg properties like yours quickly.
Give us a call anytime 888-509-6267 Ext 4 or fill out the form here so that we can buy your St. Petersburg, Florida house for cash- www.GPBuyshomes.com!
We’re glad to help you uncover answers to your hardest questions concerning St. Petersburg, Florida real-estate, 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 Glymph Properties a call anytime at 888-509-6267 Ext 4 for a Fast, Reasonable Cash Offer
Check out our articles to educate sellers!
We are interested in obtaining properties near: 33701, 33702, 33703, 33704, 33705, 33710, 33711, 33712, 33713, 33716.
Looking to find other extremely high ROI properties to invest in… head over to our investor website or give us a call anytime at 888-509-6267 Ext 3
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