If you are having conversations starting with I’m behind on my mortgage payments and you live in Montgomery County, PA, you might feel like it is impossible to find any plausible solution for your situation. If you’re constantly feeling stressed out, it is important to remain steadfast in your resolve to find solutions as soon as you can. I know that can be challenging, which is why we’re here to help!
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It’s not just enough to make your monthly mortgage payments, you also may need to catch up on all of your past due balances, and that can seem overwhelming. Some of us can’t simply put in overtime to make up the difference, we have family obligations, jobs that don’t provide that flexibility, and additional responsibilities that add more and more stress to each day. However, even though it is a difficult situation, it is not uncommon and it is not insurmountable. There are solutions to these problems, whether it be to declare bankruptcy or simply sell the house, we can help you out. Please note: we are not your advisor and highly recommend you talk to a professional to determine if bankruptcy is right for your situation.
If you are considering bankruptcy, as a quick aside you should remember that the structured payments after bankruptcy declaration may not provide as much relief as you need. There have been a number of individuals who we have talked to who communicated that the payments that got set up were not sustainable for them after their bankruptcy declaration. You need an affordable option that will resolve your issue.
The good news is that there are a couple of options that may help you if you’re behind on my mortgage, especially if you live in Montgomery County, PA, that may even help you to keep the property even if you’re behind on mortgage payments. Lots of properties in Montgomery County, PA have been lost to foreclosure, but there are a myriad of ways to avoid it. Check out my video above on some of the best ways to prevent foreclosure in Montgomery County, PA.
Help, I’m Behind on My Mortgage Payments in Montgomery County, PA! Here’s 5 Options:
1. Negotiate with the bank:
There are a lot of lenders that will offer some level of assistance to struggling homeowners. Banks really don’t look for reasons to foreclose on properties as it costs them time and money to pursue, so you may have some options available to you if you jump on things relatively quickly. It won’t be guaranteed nor simple, but you may be able to get them to reduce your interest rate or structure some sort of temporary reduction in payments to help you get caught back up.
Many lenders may try to guide you to refinance your loan – but once you’re a few payments behind, you most likely will not qualify for a reduction in your interest rate. Other homeowners will try to do a loan modification at the advice of the bank, which 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.
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Negotiating with the bank tends to be a tedious and grueling process. The process usually entails lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude, that’s a big problem for gaining some progress towards your goal. 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’re behind on your mortgage payments and worried about foreclosure in Montgomery County, PA, but working with the bank is one of your best options to avoid foreclosure in Montgomery County, PA.
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, but it is invaluable and can be the difference for your situation.
This is usually the tool of last resort. You should really only consider this option if you are weighed down with a massive amount of debt. In that situation, 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. Different lenders will treat your circumstances in unique ways. There are some benefits and some negatives to declaring bankruptcy in Montgomery County, PA. While there are some benefits, a mix of increased payments and the stress associated with that situation, may make it hard to sustain. We’re here for you if you need us.
3. 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 originator. This is a great option if you’re able to find someone to work with in your network when you are behind on your mortgage payments in Montgomery County, PA.
4. Making Home Affordable (MFA):
If your mortgage qualifies, you may 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. 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. 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 Montgomery Count, PA.
5. Sell Your Home:
To be frank, this is normally the simplest option and the best solution when you’re behind on your mortgage payments, especially in Montgomery County, PA. The fastest solution for you is going to be 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 mortgage payments and need to sell fast, we can help.
We work with homeowners to find solutions to foreclosure problems.