I’m Behind in My Mortgage Payments in Metro Atlanta – Christian Buys Houses

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

If you’ve fallen behind on your mortgage payments on your Atlanta home, the debt can feel overwhelming.

Making minimum payments isn’t even enough. The amount of interest that piles up just keeps getting higher and higher. 

Luckily, there are a few options that you have that will help you avoid foreclosure.You might even be seriously behind in your payments, but you’ll still be able to keep your house in some cases. While it’s not uncommon for properties in Atlanta to be lost to foreclosure, you do have ways to avoid it. 

The Best Five Things You Can Do When You’re Behind In Your Mortgage Payments In The Atlanta Area.

  1. Declaring Bankruptcy.

While this will solve a lot of your problems, consider it an absolute last resort. If you have a lot of debt from other sources, and not just your mortgage payment, this can help some of the other lenders give you some breathing space. It’s a significant amount of work, and while it won’t help your mortgage payment directly, it will give you a little bit more time and resources to work on it. Depending on your lenders, they may or may not be helpful with a bankruptcy. 

  1. Reaffirm your loan.

Reaffirming your loan can be a good idea, but occasionally it will come with unseen consequences or penalties. It’s an additional commitment to pay, and even though it may make the payments easier, failing to pay it will have more severe consequences. If you can get a better rate that you know you can succeed with, this isn’t a bad idea. 

  1. Making Home Affordable

Making Home Affordable is a program that allows you to take a loan out for your home. If you have a qualifying mortgage, you might be able to participate in MHA. If your loan is backed by Fannie Mae or Freddie Mac, it must be considered for MHA, while other lenders will work with MFA. 

If you use MFA, your payments or your interest rates might be lowered.The principal balance might even be lowered if your home is worth less than the amount  you actually owe at the time. Additionally, if you’re unemployed, you can get your payments suspended or reduced for a little while. Keep in mind that MFA is a government program, so there’s going to be a lot of paperwork involved in it. None of the money will be free. 

  1. Talk to your Bank about Negotiating

A lot of lenders will offer you some assistance if you contact them. It can be a good bit of work, but it’s possible to get your interest rate reduced or a temporary reduction in your payment if you get in touch with them 

Most lenders would want you to refinance your loan. But, if you’re already a few payments behind, there’s a solid chance you do not qualify for a reduction in your interest rate. 

It takes a lot of doing if you want to negotiate with your bank. Expect it to take a lot of calls and a lot of patience to get through to them. The moment that you start acting rude or indignant to your bank is the moment that you’ve lost the chance to refinance or reduce your loan rate. Remember, a bank is a bureaucracy, and things take time when it comes to banks. Simply explain your situation and your goals, and that will be the best way to get through to them. Just don’t ask desperately.

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.

If you’re in need of a short term solution and don’t want to have to move out of your home, many banks can be forgiving. Occasionally, they’ll even just add a few months of payments back on to the primary balance, if you continue to pay it. Always keep in mind that banks want your money, not your property. If they have to sell your house at an auction, they’re going to take a significant loss on the house, and they’d rather have that money than go through the auction. Depending on the size of your bank and who you work with, your results are going to vary. So make sure that you spend the time to get to know your bank. 

  1. Borrow from a Private Lender:

A private lender might be able to help you with some of your house issues.Keep in mind that a private lender can also have much higher rates as well. If you simply need to sell your house quickly, you can get in contact with us as well. In some circumstances, we might even be able to help you stay in your home by doing a rent back program.  We help homeowners in the Atlanta area with selling their home.

Give us a call now at 770-695-7368 or
fill out the form on this website to get started.

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