Falling Behind on Mortgage Payments

It happens to the best of us and, unfortunately, it is not difficult to fall behind on mortgage payments. It can feel like the world is closing in and is a scary time. Catching up on your debt can be a challenge, overwhelmingly so. Luckily, there are a few options that can help you to catch up and avoid foreclosure when you are behind on mortgage payments.

Here are some tips:

1. Negotiate with Your Bank:

In some cases, lenders can offer assistance. When you are behind on mortgage payments, contact your bank and explain your situation. Be frank and polite. Offer supporting documents, if possible. If you are looking for a temporary fix, then your goal is to obtain a loan modification. Sometimes your interest rate is reduced. In other cases, you may set up a repayment plan. Some lenders may want to refinance your loan. However, you may not qualify for a reduction in your interest rate depending on how far back you owe. Noteworthy, if the bank has to sell your house after a foreclosure, they will take a huge loss. Therefore, it may be in their interest to assist you. (A subtle reminder could go a long way!) Read on here to see if a loan modification is for you.

2. Don’t Walk Away!

There are better options than giving up or entirely quitting on payment. The goal is to avoid foreclosure! If you are ready to leave your home, there are options to leave without foreclosing. A short sale is a possibility. It is better than a foreclosure. While it affects your credit score, it is not affected as greatly as a foreclosure would. Additionally, you may be able to qualify for a new purchase within 2-3 years. Whereas with a foreclosure this would not be a possibility. With a short sale, you may qualify for the bank to pay moving expenses.

3. Sell:

If you’re behind in mortgage payments and can’t seem to get your head above water, we can help you! We work with Long Island homeowners to find solutions to their mortgage default. If you have equity in your property, selling to me can help pay off your loan and put money in your pocket, all while avoiding foreclosure. Selling to me can also avoid damaging your credit and alleviate the prevention of buying new again.  We buy houses as is, and if you do not have equity in your property and the house is valued for less than what you owe, contact me anyway. I can still help you! Sometimes I cannot buy your property but I can still meet you, assess your situation, and under no obligation discuss ways to resolve your situation.

Contact us at (516) 652-8678 or fill out a form here and we will contact you immediately and discuss how to alleviate your situation.