Have you found yourself, for whatever reason, behind on your mortgage payments? This article will walk you through a couple of ways to find a solution that makes the most sense for you and your situation.
When you find yourself saying, “I’m behind on my mortgage payments”, it can feel like you’re drowning in debt already.
Even if it’s only a couple of months, and you’re able to resume normal payments, paying the past due balance can be an overwhelming challenge.
There are a few ways you can work through a situation like this in Bristol, whether you want to remain in the property or not. Lot’s of properties in Connecticut have been lost to foreclosure, but you don’t have to let it get to that point!
Five Things You Can Do to Help Your Situation
When you find yourself thinking, “HELP- I’m behind in my mortgage payments!”, here are a few options for you:
This is a good last resort tool you can utilize. If you’re not only finding yourself behind on mortgage payments, but also crushed by other debts; this is a good way to take care of everything all at once. It’s a lot of work and carries consequences, but it can be a good way to negotiate yourself out of a lot of debt. Find a bankruptcy attorney in your area who can help you through this!
As with bankruptcy, this is a good option but does come with some penalties. When you reaffirm your loan, it is an additional commitment to pay your balance. The paperwork will guarantee your payment to your mortgage company regardless of bankruptcy or other nonpayment issues. This way you can stay in your home and keep communications with your mortgage company to plan a future where you don’t have to move. Again, always consult a mortgage professional for a more in-depth analysis of your unique situation and the options.
3. Governmental Assistance Programs:
Here in the state of Connecticut there are various programs to help our local residents. Through the Connecticut Housing Finance Authority (CHFA), a program called Emergency Mortgage Assistance Program (EMAP) is available for those dealing with a financial hardship. State and federal websites will offer more information; your mortgage provider should also have this information for you.
4. Negotiate with your bank:
Many lenders will routinely offer some level of assistance to their customers. The most important thing to keep in mind is that you are the driving force behind this route of action. It is up to you to call your mortgage company and negotiate a feasible solution for you both.
Every mortgage company has different rules and guidelines they follow, so it is important to thoroughly explain your financial situation and expectations to see what you qualify for. Keep a detailed record of who you speak to, when and what you’ve talked about. Always remain calm and never act rude.
Every time you call in to the mortgage company let them know you are simply looking for help and options to remain amicable with the company.
Never underestimate the power of a new beginning. Sometimes the easiest thing to do when you’ve become behind on payments is to sell and downsize to a more financially manageable living situation.
If you find yourself in need of a quick, cash offer, then we may be able to help!
We work with homeowners in Bristol to find solutions before the foreclosure process even has to start!
We’ll let you know how we can help!
Give us a call today for a confidential, no obligation consultation!