When you lag behind on your mortgage payments for your residence in Orange County NY, it might seem as if you are overwhelmed by financial obligations.
Even if you can meet your monthly payment, addressing an overdue balance can present a daunting challenge.
Several alternatives exist to prevent foreclosure in Orange County NY and potentially retain ownership of your house, even if you’re significantly behind in payments. While numerous properties in Orange County NY have faced foreclosure, there are numerous strategies to avert such a situation.
Help, I’m Behind in My Mortgage Payments in Orange County NY! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
Bankruptcy is typically considered a last resort. When burdened by substantial debt, it can serve as a means to negotiate with multiple lenders simultaneously. However, it involves extensive effort and doesn’t offer relief for mortgage obligations. Lenders may handle your situation differently, underscoring the importance of seeking high-quality professional assistance within your means.
2. Reaffirm:
Opting to reaffirm the loan can be a strategic move, but it may carry undisclosed drawbacks. Essentially, reaffirming the loan entails an added commitment to repay. In states where permitted, this affirmation could result in additional liabilities in the event of your property being auctioned.
3. Making Home Affordable (MFA):
If your mortgage meets the criteria, you could potentially engage in the Making Home Affordable (MHA) program. Loans backed by Fannie Mae or Freddie Mac are automatically considered for MHA, while other lenders may opt to participate in MFA.
Through MFA, there’s a possibility of reducing your payments, interest rates, and even the principal balance (if your home’s value is lower than what you owe). If you’re unemployed, temporary suspension or reduction of payments might be available.
Given that MFA is a government program, expect to navigate through a significant amount of paperwork. It’s not free money – you have to put in the effort to qualify.
4. Negotiate with your bank:
Many lenders commonly provide various levels of assistance. While it requires effort, you may succeed in negotiating a reduced interest rate or a temporary reduction in your payment.
Most often, lenders will encourage you to refinance your loan. However, if you’re already a few payments behind, you likely won’t qualify for a reduction in interest rates.
Negotiating with a bank requires significant effort, often involving numerous calls and immense patience to navigate through the bureaucracy. It’s crucial never to act rudely. While seeking assistance from everyone you communicate with, avoid sounding desperate. Clearly explain your situation, provide supporting documents, and reassure the bank of your long-term commitment to residing in your home.
If you require a temporary solution and aim to remain in your home, many banks can be understanding. Some may be open to adding a few months of payments back to the primary balance of your loan. Emphasize to them that your request aligns with their financial interest, as helping you now can result in more significant payments from you in the long run. Highlight the potential loss they might incur if they have to sell your house at a foreclosure auction.
Indeed, the financial logic might seem apparent, but for some reason, bankers sometimes overlook it when denying assistance to someone in need. It’s crucial to gently remind them of the long-term financial benefits for both parties.
5. Borrow money from a private investor:
If you’re behind on your payments and need to sell fast, we’d love to help!
Under specific circumstances, we might have the capacity to assist you in retaining ownership of your home.
We collaborate with homeowners in Orange County NY to identify and implement solutions to foreclosure challenges.
We’ll let you know how we can help!
Give us a call or text now at (845) 467-9129 or
fill out the form on this website to get started.
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