When you fall behind on your mortgage payments on your Washington Township home, it seems almost impossible to find a solution that works for you. The walls can feel like they are craving in and it just feels stressful all the time. It is important to find solutions early, as the timeline proceeds there are less and less options.
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Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge. It can involve countless hours of overtime at work, away from family, and putting extra stress on your body. It’s a difficult situation, but it is not uncommon and there are solutions. One often suggested route when facing foreclosure is to declare bankruptcy (we are not your advisor and highly recommend you talk to a professional to determine if bankruptcy is right for your situation).
Anyway even if the bankruptcy does delay the foreclosure it is possible that structured payments after a bankruptcy declaration may not be much better. We’ve talked to many homeowners who choose this route only to find the payments unsustainable over the long run after declaring bankruptcy. One of the most important factors to consider when considering bankruptcy are the payments down the line and if they will be affordable.
There are a few options that can help you to avoid foreclosure in Washington Township and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Washington Township have been lost to foreclosure, but there are many ways to avoid it. The key is to get started in the process early. Check out my video above on some of the best ways to prevent foreclosure in Washington Township
Help, I’m Behind in My Mortgage Payments in Washington Township! 5 Things You Can Do To Help Your Situation
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. You will still have to make payments, but there will be a re-structuring of those payments – sometimes the payments actually go up – crazy, right? Different lenders will treat your circumstances in unique ways. There are some benefits and some negatives to declaring bankruptcy in Washington Township. Some of the benefits include the fact that usually, you are able to stay in your home. Unfortunately, it is possible that the time in the house is short-lived because another one of the negatives is that your payment every month may be significantly higher than it was in the past. Also, it may not feel like you are in control of much of the situation anymore once the bankruptcy attorney begins to dictate what is happening. So, a combination of increased payments, as well as the stress associated with the situation, may make it hard to sustain. We’re here for you if you need us.
You’d benefit from serious professional help – the best you can afford.
2. Borrow money from a friend/person in your network:
One of your best options is to work within your network to find someone with who you can work with. They will help you catch up on your payments and you will be able to pay them over time. Often you will be able to get better rates than if you were to interact with the bank and especially if you were to work with a short term loan orignator. This is a great option if you are able to find someone to work with in your network when you are behind on your mortgage payments in Washington Township.
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. This is a great tool for homeowners who are struggling to make their payments. This program is something you should start early in the process again. Remember, these programs are very slow-moving so if you are running out of time and facing foreclosure then these options may not work for you.
MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it. These programs can be absolute lifesavers if you are looking for a solution and thinking to yourself hmm I’m behind on my payments in Washington Township.
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. Banks are not looking to foreclose on properties because it costs them time and money so it may be a good idea to reach out to the bank and try to work something out.
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. Even more often homeowners will try to do a loan modification at the advice of the bank and this may or may not be the best option for you. If you’d like to discuss your options then you can reach out to us and we’d be happy to help.
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. It can be a process if you are behind on your mortgage and worried about foreclosure in Washington Township but working with the bank is one of your best options to avoid foreclosure in Washington Township.
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. It can feel weird to negotiate with the bank, especially if you are behind on your mortgage payments in Washington Township, but it is invaluable and can be the difference for your situation.
That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.
5. Sell your Property:
One of the easiest options that you can pursue when behind on your payments in Washington Township is to sell your property to me. We work with people in all situations and a property in any condition. If you are looking for a simple solution to your problem property then you should definitely reach out to us.
If you’re behind on your payments and need to sell fast, we can help.
We work with homeowners in Washington Township to find solutions to foreclosure problems.
We’ll let you know how we can help.