Behind on Mortgage Payments in Parkville MD? [5 Things to Do]

I’m Behind on My Mortgage Payments in Parkville MD

If you’re behind on your mortgage payments for your home in Parkville, it can feel like you’re in over your head with debt. Even if you’re able to make your monthly payment, catching up on a past due balance can be a daunting task.
 

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

This is generally the last resort. If you’re struggling with a lot of debt, bankruptcy can be a good way to negotiate with multiple lenders at once. It’s a lot of work and it won’t help you avoid your mortgage. Different lenders will treat your circumstances differently. You would benefit from professional help – the best you can afford.

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.

 
You need to be very persistent to get a bank to agree to your terms. Oftentimes, it requires multiple phone calls and an immense amount of patience to get through to the right person. You should never be rude. Instead, ask for help from each person you speak with, but don’t come across as desperate. Make sure to explain your situation, provide any relevant supporting documents, and let the bank know that you have every intention of staying in your home for the long haul.
 
If you are in a difficult situation and want to remain in your home, most banks will be understanding. Sometimes they are willing to add a few months of payments onto the primary balance of your loan.
 
If your house is sold at a foreclosure auction, the bank will lose a lot of money. It’s obvious, but for some reason, bankers don’t seem to remember it when they’re saying no to someone who needs help. Money is all they care about, so remind them that by helping you, they will be making more money in the long run.

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.

Sell My House in Parkville MD

We buy houses in Parkville MD. Finding the best home mortgage rates could save you tens of thousands of dollars or more on your interest payments over the life of the loan. But if you want a faster and hassle way to sell your house in Parkville Maryland and are wondering how to avoid foreclosure, consider selling directly to Creo Home Buyers.
 
We are homebuyers In Parkville MD and we work with homeowners in Parkville to find solutions to foreclosure problems. We’ll let you know how we can help.

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