Sometimes we find ourselves wondering, “Am I about to get behind on my mortgage payments?” or, “Am I behind on my mortgage payments?!” For a various number of reasons, sometimes life gets in our way and causes some hiccups we need to figure out.
When you find yourself in this situation thinking, “I’m behind on my mortgage!” you may already be thinking that you’re drowning in debt. Paying the past due balance can be challenging, especially when trying to stay up to date with the current payments as well, even if you’re only a couple of months behind.
There are a few ways you can work through a situation like this here in Plainville, whether you want to stay living in the property or it’s a second home for your family. In recent years many properties in Connecticut have been lost to foreclosure, but you don’t have to let it get to that point if that’s not what you want!
Four Things You Can Do to Help with Mortgage Payments!
When you find yourself thinking, “HELP! I’m behind in my mortgage payments!” here are a few options for you:
- Bankruptcy: This is a good last resort tool homeowners can utilize. Often times when a homeowner finds themselves behind on mortgage payments, they may also have other debts as well; this is a good way to take care of all of your debts all at once. Filing for bankruptcy is a lot of work and does come with consequences, however, it is sometimes a good route for someone looking to start fresh and negotiate your way out of a lot of debts. Find a local bankruptcy attorney who can help you through the process and for any financial or legal advice.
- Reaffirm: 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. If you choose to reaffirm your loan it grants you the power to stay in your home still and keep a good line of communication open with your mortgage company. ALWAYS consult your mortgage professionals for an in-depth analysis of your situation.
- Negotiate with Your Bank: Many lenders and mortgage companies will offer some level of assistance to their customers, especially if you reach out to them. Keep in mind, YOU are the driving force to keeping your account in good standing. 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 and talk with a representative from your mortgage company, make sure to remind them you are simply looking for help and are looking to remain in good standing with the company.
- Sell: Never underestimate the power of a fresh beginning. If you were already thinking of downsizing, relocating to be closer to family, or selling for any other reason; getting behind on your mortgage might just be the last sign that it’s time for you to sell. Selling your property and finding a more financially reasonable place to live can make paying the bills on time a more obtainable goal.
We work with local homeowners, especially here in the Plainville area, to find solutions before the foreclosure process even has to start! If you find yourself in need of a CASH offer so you can restart and sell your property on YOUR timeline; call us today.
We’ll let you know how we can help.
Give us a call today for a confidential, no obligation consultation, or fill out a webform today!