What Should I Do if I’m Behind on My Mortgage?

What Should I Do if I’m Behind on My Mortgage?

If you find yourself in a situation when you are no longer able to make your regular mortgage payments, it can be really terrifying. However, there is no need to get frustrated. First and foremost, you should analyze the situation and explore all of your options carefully. Then, you’ll be able to find the best way to resolve your problem.

Remember, you are not alone! It’s worth noting that a lot of borrowers go through difficult times. The statistics provided by CoreLogic, a financial services firm, shows that about 5% of US home buyers experience financial problems and find it hard to make their mortgage payments. The question is – what should you do if you are behind on your mortgage? Read on to get the answer to this important question.

Contact Your Mortgage Lender Right Away

When trouble occurs and you find that you can’t afford your mortgage anymore, get in touch with your lender as soon as possible. Notify a lender about your problem and discuss all of options available. Don’t wait too long! The longer you wait, the fewer options remain. Call your lender right now!

Unfortunately, some people refuse to communicate with their creditor when they get in trouble. In fact, they are just making things worse. This type of behavior will definitely cost them a lot in the future.

It’s crucial for you to be serious about the situation. Show your lender that you really want to resolve the problem and avoid foreclosure. If your property goes into foreclosure it will have a huge negative impact on your credit score. That means that you’ll not have an opportunity to buy a new property in a foreseeable future. However, the most important thing is that you’ll lose your property if you allow it to go into a foreclosure.

And of course, you should do everything possible to prevent these kinds of things from happening. The good news is that most lenders are ready to help customers solve their problems. So, what options do you have?

Forbearance. Let’s assume that you are experiencing temporarily financial problems, but you know that you will fix them soon. In this case, you should consider forbearance. First, your payments will be suspended for a while and this will give you an opportunity to fix your financial problems. Once your financial problems are solved, you’ll be able to continue paying off your debt. You need to know that this option has its own drawbacks. If a lender allows you to benefit from forbearance, your mortgage term will be extended. So, you’ll have to pay more. On the other hand, you’ll be able to avoid foreclosure and its negative consequences.

Refinance. Is your current rate very high and you can’t make your mortgage payment because of this? If so, it makes sense for you to ask your lender to refinance your loan and lower your interest rate. If a lender agrees, your interest rate will be lowered and mortgage term will be extended. Keep in mind that borrowers have to meet the certain conditions to be able to benefit from loan refinancing. You must prove that you really have temporary financial problems, but you will be able to solve them in the future.

Sell Your Property Fast to Avoid Foreclosure

Imagine the situation that all of your attempts to fix your financial problems haven’t been crowned with success and you also can’t benefit from forbearance, refinance and other options. If this is the case, you’ll definitely need to sell your property fast. Actually, it’s the only way to avoid foreclosure in your situation.

However, finding a buyer who agrees to take over your mortgage payments can be a big challenge. The reality is people usually don’t want to purchase problematic properties. That means that it may take you too much time to sell your home with or without a realtor.

As it was mentioned above, you need to act fast to avoid foreclosure! Assess your chances and if feel that you are unlikely to find a buyer within a short period of time, then think about selling your property to a real estate investor.

Why You Should Sell Your Home to a Real Estate Investor

Selling a property to a real estate investor offers a number of important advantages. Now, we’ll explain to you how you can benefit from selling your home to an investor.

– Real estate investors offer cash for the property they are going to purchase. That means that you’ll be able to get cash fast if you choose to deal with an investor.

– Normally, it would be your responsibility to repair the property before selling it. However, investors buy properties in “as is” condition. So, you don’t need to spend money and time on home repairs.

– Real estate investors usually act fast! Some investors may close a deal in just several days. In fact, dealing with an investor is quite simple. When you sell a house to a buyer, there are many procedures you have to go through prior to closing a deal – approved financing, home inspections and so on. But if you decide to sell your property to a real estate investor, you can skip these steps and close a deal much faster.

– It’s also important to note that property market is rapidly developing. So, it won’t be a problem for you to find a reliable investor who can make a good cash offer and buy you house within a short period of time.

– The vast majority of investors would agree to take over your mortgage payments. So, don’t need to panic if you get in trouble. Look around and see what you can do. Find a real estate investor who will buy your property fast and help you get out of debt!

For a confidential cash offer on your home, contact us today by calling (210) 693-1533 or filling out the form on this page.


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