Help, I’m behind in my mortgage payments in Metro Detroit!

behind-on-mortgage

Behind on your mortgage? Read this article for a few tips on what you can to do prevent and avoid foreclosure

When you fall behind in your mortgage payments on your Metro Detroit home, it can feel like you’re drowning in debt.

Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge and can feel like you are getting no where.

There’s a few options that can help you to avoid foreclosure in Metro Detroit and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Metro Detroit have been lost to foreclosure, but there are many ways to avoid it.One way is to deal with a respected company such as Community Realm. They help by buying that  home you cant seem to sell and doing it quick and efficiently to save you stress.

1. Bankruptcy:

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.Remember there are penalties for filling for bankruptcy.Talk to lawyer to see what you are putting yourself at risk at.

2. Reaffirm:

This can be a good card to play, but it may come with some unseen penalties. Basically, 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.

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/or 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 ain’t free money – you gotta work for it.Basically its begging the banks for mercy and they will take there time.Remember they are in the business of making money.

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. Don’t fully depend on them to do low your payments or interest because it is no guarantee.

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 really 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.

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 in 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 Metro Detroit to find solutions to foreclosure problems.

We’ll let you know how we can help.

Give us a call now at (586) 697 0065 or
fill out the form on this website to get started.

Timoune

About Timoune

Christian Chabi is active in the Real Estate Marketplace in Metropolitan Detroit. He buys and sells Real Estate for his own portfolio and helps others reach their Real Estate Investment goals. In a fast-paced and dynamic industry, Christian Chabi’s approach to Real Estate investing is no-nonsense, high-energy and knowledge-based. He has studied with the best investors in the game, and is a voracious reader. He applies his knowledge with a “show me the money” frame of mind insisting that knowledge must be applicable not just theoretical. In other words, he tests all the principles he teaches with actual profit (or loss) experience. Mr. Chabi is experienced in fix and flips, as well as buy and hold, scenarios. Depending on the profitability he will do either one with confidence. Core to his philosophy is his desire and willingness to work with others. His belief is that people are more valuable than any commodity. At any given time Mr. Chabi is working in some capacity on several projects (as a Real Estate Agent, Investor or Partner). He is particularly fond of helping investors get their FIRST property. He has written several books on the subject and numerous articles. He teaches new investors to define their goals, plan their strategy and implement their Real Estate Investment Program with confidence and humility. Some of Christian’s Mantra’s are: - Ask questions until you are satisfied with the answers. - If it doesn't make profit-cents, then have the sense to walk away. - Be patient. Look for deals that have your name on them. - All deals must be win-win for all involved.

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