Getting behind on your mortgage payments can feel like drowning.
You might be able to pay your monthly bill, but catching up on a past due balance can be tough.
In Metro Detroit, there are a few options that might let you avoid foreclosure and maybe even keep your house. There are many ways to avoid foreclosure, even if you’re behind in your payments.
5 Things You Can Do To Help Your Situation
1. Filing for Bankruptcy:
If you’re drowning in debt, bankruptcy is a good way to negotiate with lots of creditors at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your case differently. If you could afford professional help, that would be great.
2. Reaffirmation:
You could play this card, but there could be some unseen penalties. In some states, reaffirming the loan you have taken out can create additional liabilities if your house is auctioned.
3. MFA – Making Home Affordable Act:
MFA might be an option if your mortgage is backed by Fannie Mae or Freddie Mac, and other lenders may also participate.
If you’re unemployed, you might be able to get your payments temporarily suspended or reduced if you’re eligible for MFA.
MFA is a government program, so you’ll have to deal with lots of paperwork. It’s not free money. Click here to learn more
- Make a deal with your bank:
Most lenders offer some kind of help. It takes a lot of work, but you might be able to get your interest rate reduced.
Most lenders will try to get you to refinance your loan, but by the time you’re a few payments behind, it’s unlikely you’ll qualify.
Negotiating with a bank is hard.You have to make lots of phone calls and have extreme patience to get through it. Never, ever act rude. Ask for help, without sounding desperate. Explain your situation to the bank, give them supporting documents, and let them know you’re committed to staying there.
Some banks will allow you to add a few months of payments back to the principal balance of your loan if you need a temporary fix and want to stay in your home. Remember that it’s all about dollars and cents to them, so remind them that you need their help to make a lot of money in the long run. If they have to sell your house at a foreclosure auction, they’ll lose a lot.
Bankers seem to forget that when they say no to someone in need.
5. Private investors can help you:
If you’re back on mortgage payments and want to sell, we can help.
You might even be able to stay in your home in some cases.
Our goal is to help homeowners in Metro Detroit solve their foreclosure problems.
Let’s talk about how we can help.