When you fall behind on your mortgage payments on your Oakdale Farms in Norfolk home, it feels like you’re drowning, in debt.
Even if you’re able to make your monthly payment at some point, catching up on a past due payments can be an unsurmountable task.
There are a some options that can help you to avoid foreclosure in Oakdale Farms in Norfolk and maybe even keep your house, even if you’re seriously behind in payments. Many properties in Oakdale Farms in Norfolk have been lost already to foreclosure, but there are a number of ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Oakdale Farms in Norfolk! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
This is usually the tool of last resort. Why, because your credit will take a long time to rebound. If you’re being crushed by loads of debt, bankruptcy can be a good way to negotiate with many lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage due. Different lenders will treat your circumstances in unique ways. If you do get tot eh point to declare bankruptcy, you will need professional help – the best you can afford.
2. Reaffirm:
This can be a good card to play for your game, but it may come with some unseen fines. In a nutshell, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned. Residents of Virginia can read this information:
http://www.virginia-bankruptcy.com/chapter7.html
3. Making Home Affordable (MHA):
If your mortgage qualifies, you might be able to participate in an MHA program. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and there are other lenders who have chosen to participate in MHA.
The way the MHA program works, your payments and/or interest rates may be lowered – even the principal balance could too (but only 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. With Covid-19 hitting the world in 2020, there have been multiple moratoriums on evictions and suspension of mortgage and rent payments, as well as programs to take advantage of federal funds for renters.
Before you consider exploring this option, please note that the MFA is a government program, so be prepared to deal with lots of paperwork. It’s not free money – you have to work for it.
4. Negotiate with your bank:
Most lenders today routinely offer some levels of assistance to people who are falling behind. Yes, you have to work hard at it, but you might be able to get your interest rate reduced or possibly get a temporary reduction in your payment.
Most often than not, the lenders will want to point you in a direction 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 need 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, as it’s always going to work against you. Ask for help from everyone you speak with, but don’t sound too desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.
If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. 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. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.
That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.
5. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, we can help.
In certain circumstances, we may even be able to help you stay in your home.
We work with homeowners in Oakdale Farms in Norfolk to find solutions to foreclosure problems.
Contact us. We’ll let you know how we can help.