Behind on my mortgage payments in Dallas Fort Worth…
Even if you’re can make your payment each month, catching up on a past due balance can be something that is very overwhelming to have to do.
Here are a few options that can help you to avoid foreclosure in Dallas Fort Worth and possibly even help you keep your house, even if you are way behind on payments. Lots of properties in Dallas Fort Worth have been lost to recent foreclosures, but there are still many ways to avoid this if you take a few minutes to stay up to date and educated on the topic.
This is usually a last ditch effort but it can work. If you’re being crushed by tons of debt, bankruptcy can be a good way to negotiate with multiple lenders at once. It is a ton of work, and it won’t help you avoid your mortgage. Each lender will treat your circumstances in unique ways. You’d benefit from serious professional help in this case.
This can also be a tactic, but it is possible that it may come with some unforseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create even more liabilities if your property does go to auction.
It is not fun to be behind on my mortgage payments in Dallas Fort Worth.
3. Making Home Affordable (MFA):
If your mortgage qualifies, you might be able to participate in what is called a MHA. Any mortgages backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose as well to participate in MFA.
With MFA, your payments and/or interest rates could be lowered – and sometimes even the principal balance if your home is actually worth less than you owe. If you’re unemployed, this may work well for you because you might be able to get some of your payments temporarily suspended or reduced.
MFA is a government program, so be prepared to deal with lots and lots of paperwork.
4. Negotiate with your bank: Tell them I am behind on my mortgage payments in Dallas Fort Worth
Many lenders will routinely offer some level of assistance. You will have to work really hard at it though, but you just might be able to get your interest rate reduced, or maybe even a temporary reduction in your payment.
Most of the time, the lenders will want to guide you into refinancing your loan – but by the time you’re a few payments behind, you probably cannot qualify for a reduction in the interest rate.
You are going to have to work really hard in order to negotiate with a bank. Usually it takes a ton of calls and a high level of patience to get through the bureaucracy. Do your best to conrtol yourslef and never act rude or disrespectful. Don’t bite the hand that can help you. Ask for help from anyone and everyone you may speak with, but try not to sound desperate. Explain your situation thouroughly, offer supporting documents, and always try and reassure the bank that you want to stay and live in your home for a very long term.
If you’re in need of a temporary fix and you do want to stay in your home, most banks can be very forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan on the bank end. It’s all really just a dollars and cents game to them, so remind them that you need their help so that you can give them a lot more money in the long run. Make sure to point out that if they have to sell your house at a foreclosure auctionthey will lose a lot of money.
For some reason bankers seem to forget this when saying no to someone in need of help.
I am behind on my mortgage payments in Dallas Fort Worth what else can I do?
5. Borrow money from a private investor:
If you happen to be behind on your payments and you need to sell your house fast, we can and will help you.
In many circumstances, we may even be able to help you stay in your home if this is what you would like.
Everyday we work with homeowners in Dallas Fort Worth to try and find the best solutions to foreclosure problems.
Give us a call now at (469) 209-5350 or
fill out the form on this website to get started.