The last domino is falling and I’m about to lose my Detroit family property. I’m really late on my bank loan payments, what can I do to prevent foreclosure?

I Own A House In Detroit And Owe On My House Loan, But I Want To Get Rid Of It!

 stop foreclosure fast Detroit , Michigan

Must Sell A Detroit, Michigan House Super Quick

Late on house loan? Missed several payments and need a few tips to prevent and avoid foreclosure on a Detroit property then go through this article.

Falling behind on your house mortgage loan is like treading water in the deep end of the swimming pool, then having someone come up behind you from the edge of the pool and throwing a boulder with “Detroit, Michigan foreclosure” printed on it at your head.

Bringing your Past-Due mortgage balance current can seem close to impossible, especially when you do not even know if you will be able to make this months payment.

Skipped a few home loan payments on your Detroit, Michigan house but want to avoid foreclosure…. there are a few things you can do to prevent it. Quite a lot of houses in Detroit have been lost to foreclosure, but there are several ways to avoid it.

1. Chapter 11

Most see bankruptcy as the absolute last option. If you are being crushed by lots of debt, bankruptcy can be an excellent way to negotiate with lots of lenders at once. It can be a complicated process. It will put all your lenders on notice and help you to negotiate a settlement. Your home loan could be one of those. With that being said… it will leave a permanent mark on your credit history. Your mortgage creditor may handle the process completely different than someone else’s creditor. So there’s no way we could provide anyone with the exact steps. You’d benefit from serious professional help, the best you can afford.

2. Talk to your lenders – let them know you will definitely continue paying your loan as soon as possible

This could be a great way to keep the “hounds at bay”, but this could come with unforeseen penalties. Basically, reaffirming the loan is an additional commitment to pay. If your Detroit, Michigan property is auctioned off, an affirmation could cause extra responsibilities.

3. Making House Affordable (MHA)

If your house 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’s up to their discretion whether or not they participate in the MHA program.

With MHA, your house loan payments and/or interest rates might be lowered even the principal balance (if your house is worth less than you owe). 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. 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 possible. Get your interest rate lowered. Temporarily reduce or stop your house 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 are a few bank loan payments behind you probably won’t qualify for an interest rate reduction.

You have to work diligently to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Regardless of how frustrated you become never be rude. Try not to come across as anxious, but try to get as much help from anyone in a position to help as possible. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your house for the long term.

If you sincerely want to stay in your Detroit house and make amends with the bank, just make them aware of the situation. Your loan provider is exceedingly understanding as long as you are willing to play ball with them. Playing catch up. Basically, if you have only missed a small number of payments, sometimes your lender will just tally your missed payments back onto your balance. Over time your loan providers will more than double their cash outlay, so just talk to them and they will want to make it work with you. Banks are not in the business of losing money, so they are incredibly reluctant to foreclose on your home… they would wind up incurring a major loss. They really don’t want to do it.

You’d probably think that this is common sense, but occasionally the bankers get caught up in the passion of the circumstance and forget that. Help remind them.

5. Take a loan from an investor

If you’re behind in your home loan payments and want to sell fast, Glymph Properties will buy it. Depending on your circumstances, if you’d like we may even be able to help you stay in your Detroit, Michigan property.

Glymph Properties work with property owners in Detroit, Michigan to find solutions to property foreclosure problems.

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

 

If you have to get rid of a home near Detroit, we can help you. We buy homes in Detroit like yours extremely fast.

Give us a call anytime 888-509-6267 Ext 4 or fill out the form here today- www.GPBuyshomes.com!

We’re glad to help you get answers to your most challenging questions about Detroit property, so please feel free to call us 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 Cash Offer

www.gpbuyshomes.com/sell-my-house-fast-detroit -See how we buy houses fast!

Check out our blog!

www.gpbuyshomes.com/blog

We buy properties in: 48201, 48202, 48203, 48204, 48205, 48206, 48207, 48208, 48209, 48210, 48211, 48212, 48213, 48214, 48215, 48216, 48217, 48219, 48221, 48223, 48224, 48225, 48226, 48227, 48228, 48233, 48234, 48235, 48236, 48238, 48239, 48240, 48243.

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Looking to find other high ROI investment properties… have a look at our investor website or give us a ring anytime at 888-509-6267 Ext 3

www.gpsellshomes.com/investment-properties- Detroit

Check out our investment blog!

www.gpsellshomes.com/blog

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Are you searching for a rent to own house… head to our rent-to-own website or give us a ring anytime at 888-509-6267 Ext 5

See Glymph Properties Rent-To-Own Properties

Absolutely free rent-to-own resources!

www.gprent2own.com/blog

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