When you fall behind on your mortgage payments on your Los Banos and Surrounding areas home, it can feel like you’re drowning in debt.
Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge.
There are a few options that can help you to avoid foreclosure in Los Banos and Surrounding areas and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Los Banos and Surrounding areas have been lost to foreclosure, but there are many ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Los Banos and Surrounding areas! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford. Bankruptcy stays on your credit for 7-10 years and it is hard to get a loan when bankruptcy is on your credit score.
2. Reaffirm:
This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned. You want to stay away from this reaffirm, there are penalties that they don’t tell you about.
3. Making Home Affordable (MFA):
If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.
With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced. Be careful here, they don’t tell you about the penalties that are added to your loan.
MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.
4. Negotiate with your bank:
Lots of lenders routinely 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 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.
You have to work really hard to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.
If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.
That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.
5. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, we can help.
In certain circumstances, we may even be able to help you stay in your home.
We work with homeowners in Los Banos and Surrounding areas to find solutions to foreclosure problems.
You can talk to Tom or Nancy at 559-715-1651 .We’ll let you know how we can help. We come up with several options to help you. You choose the one that is best for you. Don’t like any of the options, then you just say no.
You can also talk to your lender to see if you can reinstate your loan by putting the late payments on the back of your loan. Be careful here you might be charged penalties and your Bank doesn’t tell you.
What is the California Mortgage Relief Program?
The California Mortgage Relief Program has already provided millions of dollars in critical assistance to thousands of California homeowners struggling with financial hardships. This government program is free, and here to help. There is nothing to pay back.
If you’ve struggled with missed mortgage payments, late property taxes, loan deferrals, partial claim second mortgages, or other homeowner financial hardships, you may qualify for assistance from the California Mortgage Relief Program.
Here are five ways to catch up on your mortgage payments:
None of the above help you then let Tom and Nancy Buy Houses know this, we can help you with your house needs by buying it at a fair market value. Tom and Nancy Buy Houses has several options that we come up with to help you.