Boost Your Credit Score, Make Your Mortgage Payments, & Prevent Getting Behind On Your Payments!
Missed a handful of house loan payments? Prevent foreclosure on your Lexington, Kentucky house by reading through this short post.
Worst nightmare. We hear sad stories all the time about the sense of approaching tragedy that settles around people when they fail to pay several loan payments in a city like Lexington that’s known to have a high foreclosure rate.
Bringing your Past-Due mortgage loan balance current can seem impossible, especially when you do not even know if you’ll be able to make this months home loan payment.
If you’re severely behind on home loan payments there are a few options that can help you to avoid foreclosure in Lexington maybe even sell your home. Lots of homes in Lexington, Kentucky have been lost to foreclosure, but there are numerous ways to avoid it.
1. Chapter 11
Most see bankruptcy as the absolute last option. Bills piling up. You feel like you’re being crushed. Bankruptcy would allow you to lift that burden all at once versus having to negotiate with each lender one on one. It’s a significant amount of work, and it won’t help you avoid your mortgage loan. Your mortgage lender may handle the process completely different than someone else’s creditor. 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.
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.
3. Making Home 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.
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 home loan payments temporarily suspended or reduced.
Be prepared to deal with a lot of paperwork because as I’m sure you are aware MHA is a government program. It’s free money, but you will have to jump through some hoops to get it.
4. Talk directly with your bank
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 mortgage payment.
Most of the time, lenders will want to steer you to refinance your loan, but by the time you are a few payments behind, you probably do not qualify for a reduction in the interest rate.
Negotiating with the bank is like running a marathon, after a marathon, after an iron man. Patience. Tenacity. Conviction. 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 desperate, 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 house long term and explain your situation and provide supporting documentation.
If this is, in fact, a short-term situation and do not want to give up your house, most banks will be willing to work with you. Sometimes they will be willing to add several months of mortgage payments back onto the primary balance of your loan. Your house loan balance is nothing to them. Not even a grain of sand in the Kalahari Desert. Point out that you need patience, and that when it’s all said and done they will end up earning a lot more cash in the end. Taking an enormous loss is not on the agenda for the mortgage lenders. They don’t want to foreclose on you because they know that if they come to terms with you they’ll make an incredible profit in the end.
You would probably think that this is common sense, but bankers routinely get stuck in the passion of the circumstance and neglect that. Remind them.
5. Get a bridge loan from an investor
Glymph Properties will buy your Kentucky home if you’re behind on your payments and need to sell your Lexington, Kentucky home. In particular instances, we may even be able to help you stay in your house.
Glymph Properties work with homeowners in Lexington, Kentucky to find solutions to prevent pre-foreclosure.
We’ll let you know what kind of assistance we can provide.
If you really need to get rid of a home near Lexington, we can help you. We buy homes in Kentucky like yours fast.
Give Glymph Properties a call anytime 888-509-6267 Ext 4 or fill out the form here today- www.GPBuyshomes.com!
We’re happy to help you uncover answers to your most challenging questions about selling a property extremely easily in Lexington, Kentucky, 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 us a call anytime at 888-509-6267 Ext 4 for a Fair Cash Offer
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We buy homes near: 40502, 40503, 40504, 40505, 40507, 40508, 40509, 40510, 40511, 40513, 40514, 40515, 40516, 40517.
Looking to find more high ROI investment properties… head over to our investor website or give us a call anytime at 888-509-6267 Ext 3
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