Help! I’m Behind In My Mortgage Payments In Palm Beach County!
Are you worried about being behind on your mortgage and looking for help? Read on to find out how you can get back on track and avoid foreclosure.
It can be a challenging time when you fall behind in your mortgage payments for your home in West Palm Beach. The possibility of losing your home can be terrifying for many families. Even if you are able to make the current payments, catching up on the overdue balances of the past can be an overwhelming challenge.
Regardless of the reason for your missed payments, there are a few ways that can help you avoid foreclosure in West Palm Beach and maybe keep your home – if you are able to afford it. Many residential properties in West Palm Beach have been lost to foreclosure – however, if you act fast, you can save your house.
If you are also behind in your payments, consider discussing the following foreclosure prevention options with your lender:
- Bankruptcy: The option is usually considered as the last resort. If you are in a lot of debt – bankruptcy is a good way to get a fresh start. It might make it difficult for you to get credit, home, insurance, vehicle, and even car – but it is a worthy option for those who are unable to satisfy their debts.
- Reaffirm: Reaffirmation of a loan is a legal contract which ensures the state that you will repay all or part of the debt. In states where it applies, the reaffirmation can create additional commitments if your debt or property is auctioned.
- Making Home Affordable (MFA): If applicable, you can participate in MHA or the MFA. The Making Home Affordable program includes loans that are backed by Fannie Mae or Freddie Mac. Other lenders are included in the government program – MFA.
The MFA program reduces your payments and/or interest rates. It even lowers the principle balance if your home is worth less that you actually owe. The MFA program temporarily suspends payments for unemployed individuals as well. However, the application process for these programs are lengthy and require extensive amount of paper work…so be prepared.
- Talk to your bank: Your loan servicer may look at your unique situation and recommend options that may be available for you. Negotiating with them is a hard task but in return they may able to offer you some level of assistance which may include reduction of interest rates or even temporary suspension of your payment.
Negotiation with a bank requires many calls, patience and the stamina to deal with them. Ask for help in a polite manner. Don’t be rude and don’t be desperate. Give them an explanation of your hardship and provide them with paper work. Reassure them that you will pay back the loan when the situation is better and you wish to stay in your house for as long as possible.
Some lenders can be forgiving and even willing to add a few months of payments in your primary balance.
- Take a loan from a private investor: If everything fails, we are here for assistance. We can help you sell your house fast or allow you to stay in your home. The choice is up to you!
We work with homeowners like you in West Palm Beach and help them find solutions to their mortgage problems and avoid foreclosure.
We are here for you too!
Just give us a call at (561) 370-8335 or fill out the form available on our website.