Help, I’m Behind on My Mortgage Payments in Maricopa

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

Bankruptcy:

This process allows you to erase or restructure your debt and can give you a fresh financial start. This is typically the last resort method. If you're drowning in debt, declaring bankruptcy may let you negotiate with several lenders at once. It takes a lot of work, and it won't allow you to get out of your mortgage. Also, the downside is that it will stay on your credit report for up to 10 years and may make obtaining loans, credit cards, and other forms of financing more difficult in the future. Different lenders will approach your situation differently. You should get the greatest professional assistance you can afford.

Reaffirm:

It may be a smart idea to play this card, but there might be unexpected consequences. Reaffirming the debt essentially entails making an extra payment commitment. Playing this card may seem like a smart idea, but there are always potential unforeseen consequences that could arise. Reaffirming the debt requires additional payment commitments on top of what is already owed, and this could be cause for concern if an individual is uncertain about their ability to keep up with these payments.

It's important to weigh the pros and cons of reaffirming the debt carefully before making any decisions. It's also a good idea to speak with a financial expert to gain insight into the best course of action. Ultimately, it comes down to each individual's unique circumstances and lifestyle when deciding whether or not reaffirming the debt is right for them. An affirmation might result in increased obligations in some places where it is legal if your property is put up for auction.

Making Home Affordable (MFA):

You could be eligible to take part in MHA if your mortgage meets the requirements. Other lenders opt to take part in MFA, and all loans that are supported by Freddie Mac or Fannie Mae must be taken into account for MHA. Your payments and/or interest rates, and even the principle balance, could be decreased with MFA (if your home is worth less than you owe). You might be eligible to have your payments temporarily lowered or suspended if you're jobless. Given that MFA is a government initiative, be ready to deal with a ton of paperwork. It's not free money; you have to earn it.

Negotiate with your bank:

Many lenders often provide some kind of support. You'll have to work hard at it, but you might be able to negotiate a temporary drop in your payment or a reduction in your interest rate. Lenders may frequently advise you to refinance your loan, but by the time you're a few payments late, you most likely aren't eligible for a lower interest rate.

To negotiate with a bank, you have to put in a lot of effort. Usually, getting through the bureaucracy requires a lot of phone calls and saintly patience. Never, ever be impolite. Don't seem desperate while asking for assistance from everyone you talk with. In order to convince the bank that you want to stay in your house for the long term, explain your circumstances and provide supporting documentation.

Most banks are understanding if you only need a short repair and wish to stay in your house. A few months' worth of payments may occasionally be added back to the principal balance of your loan. They just care about the money, so tell them that without their assistance, you won't be able to provide them much more in the long term. They will suffer a significant loss if they are forced to sell your home at a foreclosure auction. Although it seems clear, lenders frequently overlook it when refusing to assist someone in need.

Borrow money from a private investor:

The process may include the investor providing you with a loan in exchange for an agreed-upon rate of interest. Borrowing money from a private investor can be a great way to get the funding needed for your project if it is done correctly and responsibly.

We can assist if you're behind on your payments and need to sell quickly. In some cases, we might even be able to assist you in staying in your house. We work with Maricopa homeowners to solve the problem of foreclosure. When we can assist, we'll let you know.

Give us a call now at 480-650-2709 or
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