What can you do to keep your Los Angeles, California property from going into foreclosure when you are behind on your home loan!

Please help, I’m behind in my home loan payments in Los Angeles, California!

 instantly Sell a house Los Angeles

 

Seriously… 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 is not 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 in Los Angeles, California and behind on a few payments, there are a few things you can do to avoid foreclosure. So many Los Angeles, California homes have been lost via foreclosure, but there are several ways to avoid it.

 

1. Private bankruptcy

Most people see bankruptcy as the very last option. However, negotiating with all of your creditors at once will alleviate a ton of stress. It won’t make your house loan vanish entirely, but it will put you on a path to eventually walk away. You wouldn’t come out unscathed, but you will survive. Your mortgage creditor may handle the process completely different than someone else’s creditor. So there is no way we could provide anyone with the exact steps. If you are considering bankruptcy, our advice would be to get professional help.

 

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 mortgage 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. Making House Affordable (MHA)

You might be able to participate in the MHA program if your bank 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. You might be able to get your home loan payments suspended or reduced if you are unemployed.

Like with anything having to deal with the government MHA is a government program so there is a ton of paperwork. This “free” money is not completely free… you’ll have to pay for it with your time and energy.

 

4. Hammer out a deal

Most lenders offer some level of assistance. 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.

Most of the time, lenders will want to steer you to refinance your loan, but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.

Brutal. That’s the best word to describe the typical experience most people have when negotiating with their mortgage lender. 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. Ask for help from everyone you speak with, but do not sound distressed. 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 home because you plan on living there long term.

If this is really a short-term situation and doesn’t want to give up your property, most lenders would be willing to work together with you. Sometimes they will be willing to add a couple of months of mortgage payments back onto the balance of your loan. It is all dollars and cents to them, so remind them that you need a little bit of their assistance to give them a lot more money in the long haul. If they need to sell your property at an auction, they will end up taking a huge loss.

The logic is sound and based on facts, but mortgage lenders routinely get stuck in the emotion of the situation and disregard that. Remind them.

 

5. Throw in the towel & Sell to Los Angeles Investor

We will buy your Los Angeles property if you’re behind on your payments, and need to sell your Los Angeles house. In specific circumstances, we may even be able to help you stay in your house.

Glymph Properties work with house owners in Los Angeles to find solutions to bank loan problems.

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

 

If you must sell a property near 90012, we can help you. We buy Los Angeles homes like yours quickly.

Give us a call anytime 888-509-6267 Ext 4 or explore our site now- www.GPBuyshomes.com!

We are glad to help you uncover answers to your most difficult questions about Los Angeles, California property, so please feel free to call us at 888-509-6267 Ext 4 and chat with us at any time.

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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