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Help, I’m Behind on Mortgage Payments in Charlotte

I’m Behind in My Mortgage Payments

When you fall behind on mortgage payments on your Charlotte 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 Charlotte and maybe even keep your house, even if you’re seriously behind on mortgage payments . Lots of properties in Charlotte have been lost to foreclosure, but there are many ways to avoid it.

Help, I’m Behind on Mortgage Payments in Charlotte! 5 Things You Can Do To Help Your Situation

1. Bankruptcy:

Bankruptcy is typically considered a last resort option. If you are overwhelmed by significant debt, bankruptcy can offer a way to negotiate with multiple lenders simultaneously. It is a complex process and does not provide relief for mortgage payments. Each lender will evaluate your situation differently, so seeking professional assistance is crucial for the best possible outcome.

2. Government Programs:

If your mortgage qualifies, you might be able to participate in the Making Home Affordable (MHA). The MHA Program was launched in 2009 to help struggling homeowners avoid foreclosure. If you are behind on mortgage payments MHA may be able to help. Any loans backed by Fannie Mae or Freddie Mac, which represent about 70% of all mortgage loans in the united states must be considered for MHA.

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

If you have a HUD loan, which includes FHA and VA, you can contact their official loss mitigation department for help at each of the links below.

US Department of housing and Urban Development – FHA

US Department of Veterans Affairs

Making Home Affordable and HUD’s loss mitigation options are government run programs, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

3. 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.

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 facing a temporary financial setback and wish to remain in your home, many banks are understanding. In certain cases, they may agree to tack on a few missed payments to the principal balance of your loan. It’s a matter of financial sense to them, so make sure to emphasize that your goal is to work together to secure their long-term profits. Selling your property at a foreclosure auction would result in significant losses for them.

That sounds obvious, but for some reason, bankers seem to forget it when saying no to someone in need of help.

4. Borrow money from a private investor:

Sometimes taking an equity based loan makes sense. When you are behind on payments and your credit has already been damaged it can be difficult to refinance. If you have enough equity in your home you may be able to find a lender that will not care about your credit score or employment. the loan would be based solely on the value of house as collateral. The downside to these loans are high interest rates (usually double digits) and high fees. But when push comes to shove it may mean the difference between saving your house or losing it.

5. Sell to a direct buyer

If you’re behind on your payments and need to sell fast, we can help. We buy houses quickly and pay cash so there are no hassles. If you need to stop the foreclosure process and are ready to sell we are ready to assist…

In certain circumstances, we may even be able to help you stay in your home.

We work with homeowners in Charlotte to find solutions to foreclosure problems.

Give us a call now at ‪(704) 769-0141‬ or
fill out the form on this website to get started.

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