Help, I’m Behind in My Mortgage Payments in Philadelphia!

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Mortgage Payments in Philadelphia

I’m Behind in My Mortgage Payments
Behind on your mortgage? Read this article for a few tips on what you can do to prevent and avoid foreclosure.

When you fall behind on your mortgage payments on your Philadelphia home, it can feel like you’re drowning in debt. Even if you can make your monthly payment, catching up on a past due balance can be an overwhelming challenge. A few options can help you avoid foreclosure in Philadelphia and maybe even keep your house, even if you’re seriously behind in payments. Many properties in Philadelphia have been lost to foreclosure, but there are many ways to avoid it. {I’m Behind in My Mortgage Payments in Philadelphia!}

Help, I’m Behind in My Mortgage Payments in Philadelphia! 5 Things You Can Do to Help Your Situation

1. Bankruptcy:

This is usually the tool of last resort for your problem property. If you have lots of debt crushing you, bankruptcy can be an excellent way to negotiate with lots of lenders at once. It’s a lot of work and won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help for real estate services – the best you can afford.

2. Reaffirm:

This can be an excellent card, but it may have some unseen penalties. Reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create other liabilities if your property is auctioned.

3. Making Home Affordable (MFA):

If your mortgage qualifies, you might 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 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.

MFA is a government program, so be prepared to deal with lots of paperwork. It isn’t free money – you got to work for it.

4. Negotiate with your bank:

Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment.

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.

You have to work hard to negotiate with a bank. Usually, it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. 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.

Most banks can be forgiving if you need a temporary fix and want to stay in your home. 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. They’ll take a massive loss if they have to sell your house at a foreclosure auction.

That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone needing help.

5. Borrow money from a private investor:

If you’re behind on your mortgage payments and need to sell house fast, we can help.

In certain circumstances, we may even be able to help you stay in your home.

We work with homeowners in Philadelphia to find solutions to foreclosure problems.

We’ll let you know how we can help. Our company has an A+ Rating with the Better Business Bureau!

Give us a call now at [215-359-6090] or
fill out the form on our website to get started.

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