Falling behind in your mortgage payments on your house in College Station can make you feel overwhelmed with debt.
Though you may be able to make your monthly payments, it can be a challenge to catch up on past-due balances.
Even when you are behind on payments, there are a few options that can help you avoid foreclosure in College Station, and you may even get to keep your house. Many properties in College Station have been lost to foreclosure, but there are many ways to avoid it.
Bankruptcy should be your last resort. If your debts become unbearable and you feel crushed by it, this is a great way to negotiate bankruptcy with all your lenders at once. Bankruptcy is a lot of work, and it can’t help you avoid your mortgage. Different lenders will treat your circumstance uniquely. With this option, it would be wise to get some serious professional help – the best you can afford.
Reaffirming may come with unseen penalties, but it can be a good card to play. Reaffirming a loan involves an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.
- Making Home Affordable (MHA):
You can be a participant of MHA if your mortgage qualifies for it. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MHA.
By participating in MHA, your payments and/or interest rates may be reduced, and in some cases, 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.
MHA is a government program, so be prepared to deal with lots of paperwork. It isn’t free money – you gotta work for it.
Behind on your mortgage? Read this article for a few tips on what you can to do prevent and avoid foreclosure
- Negotiate with your bank:
Assistance at some level is provided by many lenders, but it requires a lot of hard work on your part. You may be able to get reduction in your payment or interest rate.
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.
To negotiate with the bank, you have to put in hard work. This can be through placing several calls and patiently enduring to get through the bureaucracy. Never act rude. Request assistance from the people you speak with, but avoid sounding desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.
Banks are all about making money, and they can be forgiving if you need a temporary fix and still want to keep your house. They may add extra months into the primary balance of you loan to help them profit more in the long run. The bank will take a huge loss if they sell your house at a foreclosure auction.
That sounds obvious, but for some reason bankers seem to forget it when saying no to someone in need of help.
- Borrow money from a private investor:
We can help if you are behind on your payments and need a fast buyer. In certain circumstances, we may even be able to help you stay in your home.
We work with homeowners in College Station to find solutions to foreclosure problems.
We’ll let you know how we can help.
Give us a call now at (979) 431-1663 or
fill out the form on this website to get started.