When you fall behind on your mortgage payments on your Southwest Florida Florida 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.
There are a few options that can help you to avoid foreclosure in Southwest Florida Florida and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Southwest Florida Florida have been lost to foreclosure, but there are many ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Southwest Florida ! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
Bankruptcy should be considered as a last resort option for individuals overwhelmed by debt. If you find yourself struggling to repay multiple lenders, bankruptcy can provide an opportunity to negotiate with them collectively. Keep in mind that bankruptcy will not exempt you from your mortgage obligations. Each lender may have their own approach to your situation. It is highly recommended to seek professional guidance from a reputable expert who can provide the necessary assistance tailored to your specific circumstances. Contact We Buy Homes in SWFL at (239) 572-9690 for the best advice.
2. Reaffirm: The Pros and Cons
Reaffirming a loan can be a strategic move, but it’s important to consider the potential drawbacks. When you reaffirm a loan, you are essentially making a new commitment to repay it. However, in certain states where it is permitted, this decision can also expose you to additional liabilities if your property is eventually auctioned.
3. Making Home Affordable (MFA):
If you’re looking for assistance with your mortgage, the Making Home Affordable (MFA) program could be an option for you. This program is designed to help homeowners who have loans backed by Fannie Mae or Freddie Mac, as well as those whose lenders choose to participate in MFA.
MFA offers various benefits, such as the potential for lower payments, reduced interest rates, and even the possibility of lowering the principal balance if your home is worth less than what you owe. If you’re currently unemployed, you may also be eligible for temporary payment suspension or reduction.
It’s important to note that MFA is a government program, which means there will be paperwork involved. While the assistance provided through MFA can be incredibly helpful, it’s not “free money” – you’ll need to put in some effort to take advantage of this program.
4. Negotiate with your bank:
When facing financial difficulties, it’s important to explore all options with your bank. Many lenders have assistance programs available, which may include reducing your interest rate or providing temporary payment relief.
While lenders may suggest refinancing your loan, this may not be feasible if you’re already behind on payments. Negotiating with the bank requires persistence and patience. Be respectful and seek assistance from every person you speak with. Clearly explain your situation, provide supporting documents, and emphasize your long-term commitment to living in your home.
If you need a temporary solution to stay in your home, most banks are willing to work with you. They may consider adding missed payments to the primary balance of your loan. Remind them that helping you now will result in them receiving more money in the long run. Selling your house through foreclosure would only lead to a significant loss for the bank.
It’s important to remind bankers that their assistance is not only a sensible choice but also a responsible one when someone is in need.
5. Borrow money from a private investor:
If you’re struggling to make your payments and need to sell your home quickly, we have a solution for you.
At We Buy Homes in SWFL, we understand the challenges homeowners in Southwest Florida face when dealing with foreclosure. That’s why we offer assistance to those in need, providing options to help you stay in your home.
Don’t worry about the details. Our team of experts will guide you through the process and explain how we can help you.