I’m Behind on My Mortgage Payments in Parkville MD
There are a few options that can help you keep your property and minimize the effects of foreclosure even if you fall behind on your mortgage payments in Parkville MD. Although many properties in Maryland have been lost to foreclosure, as Parkville MD home buyers we know a few ways to avoid foreclosure.
5 Things Homeowners Can Do if They Fall Behind on Mortgage Payments
1. File for Bankruptcy
2. Request Mortgage Forbearance
When you are struggling to make your mortgage payments, you can ask your servicer for forbearance. This means that they will allow you to pause or reduce your payments for a limited time. You will still owe the missed payments, but in most cases, you will be able to repay them over time or when you refinance or sell your home. Your servicer will contact you before the end of the forbearance period to let you know how to repay the missed payments.
3. Making Home Affordable (MFA) in Maryland:
If you qualify, MHA might provide a forbearance, which means payments would be suspended for a period of time. If you meet the requirements, you could potentially join the MHA program. All loans that are backed by Fannie Mae or Freddie Mac must be evaluated for the MHA, and other lenders may also opt in to the program.
The MHA might lower your monthly payments and/or interest rates, or even the principal balance if your home is worth less than what you owe. If you’re unemployed, the MHA could provide a forbearance, meaning that payments would be suspended for a period of time.
4. Ask Mortgage Lender for Loan Modification:
Many lenders are willing to help out their customers in some way or another. It may take some effort on your part, but it is possible to get a lower interest rate or a temporary reduction on your payments.
Most lenders will be open to helping you out in one way or another. While it may take some extra work, it’s definitely possible to get a lower interest rate or even a temporary break on your payments.
5. Borrow Money from a Private Parkville Investor:
If you’re having trouble making ends meet and need to sell your home fast, we may be able to help you out. In some cases, we could even help you keep your home.
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