HOUSE PAYMENT OR EXPENSES WENT UP
Solutions for you that include FREE help, professional help and reduced monthly payments.
Back in the day it was easy to get caught up in the moment of being a home owner. Banks were offering all kinds of loans that had small payments for a while then your payment started to go up. Your thought was “I will just refinance when my payment starts going up.” Well you know that became very difficult with the economy problems causing banks to change their lending criteria. Some people got mortgages with high interest rates they could afford until the economy went bad. Now with everything costing so much more it is getting hard for people to afford the high interest rates.
There are so many personal situations that I could never cover all of the solutions here. I will give you some of the common solutions to help you solve your foreclosure. Please know your situation deserves personal attention.
The first question you need to make is…”Do I want to keep my house or do I know I cannot afford my home any longer?” Most people want to keep their home so we will start here. If you want to sell your home even if you are up-side-down with your mortgage click here.
COMMON STRATEGIES TO KEEP YOUR HOME
- Modify [1] your loan to reduce the payment amount and or put all the missed payments on the back end of the loan. The beauty of this is that you can live in your home for months with no house payment while we negotiate a lower payment with your bank. You can even rent your home out & collect rent if you have or want to move.
- Forbearance [1] is a process that involves getting the bank to reduce your house payment to around 31% of your gross income.
- Bankruptcy [1] is an option but must be considered carefully and your selection of a lawyer is critical to your success.
- Lease Option [1] is a path that will work if you have some equity in your home.
COMMON HOUSE PAYMENT ISSUES
- You have a high interest rate on your current mortgage.
- A modification[1] is a great solution for this type of problem if you are currently employed or unemployed with the prospects of employment soon.
- A forbearance [1] may or may not work depending on your income level and your ability to increase your income.
- A chapter 13 or 7 bankruptcy may work if your income levels support what the outcome of the bankruptcy would be.
- A Lease Option[1] is always available if you have equity in your home. Always remember that using a modification and forbearance combination can stall a foreclosure for months and even more than a year.
- Your living expenses have gone up so much it is hard to afford your house payment.
- A modification [1] will work to put the missed payments on the back end of the loan. The next step would be a forbearance to temporarily lower your house payments. This will give you time to work on a plan to permanently lower your house payment or increase your income.
There are many more payment situations that could apply to you. I am here to help you sort through all of it.
My Promise to You
As you can see each mortgage payment situation is unique to you. Weather you choose to have me help you for no cost or you hire a professional I personally recommend for your modification, forbearance or lease option, I am here to listen to you and help you with the best solution out there.
