Don’t Let Foreclosure Drown Your FOND DU LAC Home
Help, I’m Behind in My Mortgage Payments
Falling behind in your mortgage payments can feel like a sinking ship. Even if you manage to catch up, the back-due balance can be a huge burden. But don’t worry, there are ways to stay afloat and avoid foreclosure in FOND DU LAC.
Here’s what you can do:
- Talk to your lender: They might be able to offer options like loan modification or forbearance.
- Consider a short sale: This means selling your home for less than you owe to avoid foreclosure.
- Explore bankruptcy: This might be a last resort, but it can offer relief from debt.
Don’t let foreclosure steal your home. There’s help available.
Help, I’m Behind in My Mortgage Payments in FOND DU LAC! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
Bankruptcy: A Last Resort
If you’re overwhelmed by debt, bankruptcy might seem like an option. It can help you negotiate with multiple lenders at once, but it won’t solve your mortgage problems.
Here’s what you need to know:
- It’s complex: Bankruptcy is a complicated process. You’ll need professional help.
- It won’t help your mortgage: Bankruptcy doesn’t erase mortgage debt.
- Lenders treat it differently: Each lender has its own rules for dealing with bankruptcy.
Before considering bankruptcy, explore other options and get expert advice.
2. Reaffirm:
Reaffirming Your Mortgage:
Reaffirming your mortgage can be a helpful strategy, but it comes with risks. By reaffirming, you’re committing to paying the loan even if you file for bankruptcy. In some states, this can increase your liability if your home is sold at auction.
Before reaffirming, consider the potential consequences.
3. Making Home Affordable (MFA):
Mortgage Modification Assistance (MHA): Could It Help You?
If your mortgage is backed by Fannie Mae or Freddie Mac, you might qualify for Mortgage Modification Assistance (MHA). Even if it’s not, other lenders might offer similar programs.
MHA can help by:
- Lowering your payments or interest rate.
- Reducing the principal balance if your home is worth less than you owe.
- Suspending or reducing payments if you’re unemployed.
MHA is a government program, so be prepared for some paperwork. It’s not a quick fix, but it could be a lifeline.
4. Negotiate with your bank:
Don’t Give Up: There’s Help Available
Many lenders offer assistance to homeowners struggling with mortgage payments. While it might take some effort, you could get a lower interest rate or a temporary break on your payments.
Here’s what you can do:
- Contact your lender: Ask about options like loan modification or forbearance.
- Be persistent: It might take multiple calls and patience to get through the bureaucracy.
- Be respectful: Avoid being rude or sounding desperate. Explain your situation calmly and provide supporting documents.
- Focus on the long term: Remind the lender that helping you stay in your home benefits them too. Foreclosure can be costly for them.
Remember, don’t give up. There are options available to help you avoid foreclosure.
5. Borrow money from a private investor:
Don’t let foreclosure take over. If you’re behind on payments and need to sell your FOND DU LAC home quickly, we can help. In some cases, we might even be able to find a way for you to stay in your home.
Our team works with homeowners in FOND DU LAC to find solutions to foreclosure problems. We’ll assess your situation and let you know how we can help.