There are few worse feelings in life than when you can’t afford your house payment. The difficult thing is getting someone to understand your position while you struggle to make your next move. Banks and mortgage lenders aren’t your friends. Their motto is pay or get out. You can stop foreclosure regardless of the current situation you’re in. You can use this advice when you’re behind on your payments.
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Advice for Late Mortgage Payments
1. Find a Buyer
You might want to save your home but cannot. It is very common for a person to be underwater with their mortgage. The lowering of home values has caused more houses to be worth less money. Investors capable of making a cash offer can help. You can find these buyers using reputable buying agents online. If struggling is too much for you, someone can step in and help you in two days or less.
2. Ask Your Lender to Reduce Your Mortgage
Your signed mortgage contract might have a mortgage clause. Most states have implemented this language in housing laws. You have the right to renegotiate your interest rates under extreme circumstances. Putting your request in writing and sending a request to work out a different mortgage rate is effective. This could save you thousands of dollars a year until you get caught back up.
3. Ask for Forbearance
This method can be 50-50 depending on your lender. This is a method that is written into most mortgage documents. You could have a way out using the forbearance clause. This is a simple way for you and your lender to come to terms with eliminating your back payments. There are qualifications that you must go through to be approved for forbearance. Some lenders require no previously missed payments within a two-year period before restructuring.
4. Pay Only the Mortgage Interest
It is possible to just pay interest. Most lenders don’t want you to know it. The length of time that you’ve owned your home could have created a sizable reduction in your payments. This reduces your interest owed. You can put a request in writing to your lender and ask for an interest-only payment method. This allows you to pay interest for a specified time while you work out your missed payments.
Foreclosure Process in all 50 States
The process of foreclosure does differ in each state. A judicial or non-judicial foreclosure is usually set into law. Many homeowners struggle with non-judicial foreclosure and lenders can easily take back a home. Doing a little research to find out if your state is a judicial or non-judicial foreclosure state will help you put any of these stop foreclosure strategies in action. You don’t have to be bullied. You have rights as a homeowner. You have only one chance to fight for your home.