What can you do to save your Detroit, Michigan house when you’re behind on your bank loan!

Behind On My House Loan, But I Really Need To Sell My Home. Can You Recommend Any Local Detroit Investors That Can Help Me!

 Stop Foreclosure in Detroit

Missed several mortgage loan payments?

Prevent foreclosure on your Detroit house by reading this short post.

Drowning. Impossible. Bombarded. Fed-up. Daunting. That’s how everyone feels if you get behind on your home loan in a city like Detroit, Michigan.

Seriously… not only do you have to cover this month’s mortgage, but now you have to find a way to play catch-up and it ain’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 in Detroit and behind on a few mortgage payments, there are a few things you can do to avoid foreclosure. Quite a lot of homes in Detroit, Michigan have been lost to foreclosure, but there are various ways to avoid it.

1. Chapter 11

This is normally the last option. However, negotiating with all of your creditors at once will relieve a ton of stress. It’s a tremendous amount of work, and it will not help you avoid your mortgage loan. Every creditor has its own process that it follows for bankruptcies. 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 home loan payments, you have to make your payments. If your Detroit property is auctioned off, an affirmation could cause extra responsibilities.

3. Making House Affordable (MHA)

If your mortgage 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 home loan payments and/or interest rates might be lowered even the principal balance (if your house is worth less than you owe). You might be able to get your mortgage loan payments suspended or reduced if you are unemployed.

Be prepared to deal with a lot of paperwork because as I am sure you are aware MHA is a government program. This “free” money isn’t completely free… you’ll have to pay for it with your time and energy.

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. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your home loan payments. It’s in the realm of possibilities if you work hard and negotiate with your lender.

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’re looking for is a temporary break from home 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 house loan savings are.

Brutal. That is the best word to describe the typical experience most people have when negotiating with their bank. Usually, it takes lots of calls and the patience to watch paint dry to get through the bureaucracy. Regardless of how frustrated you become never be rude. It truly is a balancing act. Ask for help from anyone in a position to help, but do not be critical. 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 realized secret. Mortgage lenders are not in the real estate business they are in the money lending business. They don’t want to be saddled with an investment that they’re not properly equipped to handle. They want you to keep your property, so you can continue paying them. Sometimes they would be willing to add a couple of months of bank loan 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 help to give them much more money in the long run. If they have to sell your property at an auction, they will end up incurring a huge loss.

If a banker can say no to someone like you who needs their help, then obviously they’ve overlooked how their business turns a profit and just need a little help remembering.

5. Get a bridge loan from an investor

We will help if you’re behind on your payments, and need to sell your Detroit, Michigan property. In particular situations, we may even be able to help you stay in your home.

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

We will let you know what kind of assistance we can provide.

 

If you have to sell a property near Detroit, we should be able to help you. We buy homes in Detroit, Michigan like yours extremely fast.

Give us a call anytime 888-509-6267 Ext 4 or go to our web site today- www.GPBuyshomes.com!

We are very happy to help you find answers to your toughest questions about Detroit, Michigan real estate, so please call us 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 Fast Cash Offer

www.gpbuyshomes.com/sell-my-house-fast-detroit -See how it works

Free seller resources!

www.gpbuyshomes.com/blog

We are interested in purchasing properties near: 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 more high ROI investment properties… check-out our investor website or give us a ring anytime at 888-509-6267 Ext 3

Visit our investor website

Check out our investment blog!

www.gpsellshomes.com/blog

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Trying to find a rent to own property… head over to our rent-to-own website or give Glymph Properties a call anytime at 888-509-6267 Ext 5

Visit our rent-to-own website

Zero cost rent-to-own resources!

www.gprent2own.com/blog

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