When you begin to miss mortgage payments on your home in Southwest Michigan, it can feel overwhelming and as though you’re suffocating under a mountain of debt.
When you begin to miss mortgage payments on your home in Southwest Michigan, it can feel overwhelming and as though you’re suffocating under a mountain of debt.
Fortunately, there are several options available that can assist you in avoiding foreclosure in Southwest Michigan, and perhaps even allow you to retain ownership of your home, despite being significantly behind on your mortgage payments. While many properties in Southwest Michigan have been lost to foreclosure, there are numerous strategies to prevent it.
Help, I’m Behind in My Mortgage Payments in Southwest Michigan! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
Bankruptcy is typically considered a last resort option. If you are struggling with a significant amount of debt, bankruptcy may be a viable method of negotiating with multiple lenders simultaneously. However, it is an arduous process and will not assist you in avoiding your mortgage payments. Each lender will approach your situation differently, and it is advisable to seek expert professional assistance, the best you can afford, to navigate this process successfully.
2. Reaffirm:
While reaffirming the loan can be advantageous, there may be unforeseen consequences. Essentially, reaffirming the loan is a supplementary commitment to repay. In certain states where it is permissible, reaffirmation can result in additional liabilities if your property is sold at auction. Therefore, it is important to carefully consider the potential drawbacks before choosing to reaffirm your loan.
3. Making Home Affordable (MFA):
If your mortgage meets the criteria, you may be eligible to participate in MHA (Making Home Affordable). MHA requires that any loans supported by Fannie Mae or Freddie Mac be considered, while other lenders can choose to participate in MFA (Mortgage Forgiveness Assistance). MFA may result in lower payments and/or interest rates, and possibly a reduction in the principal balance if your home is valued less than what you owe. If you are unemployed, you may be able to temporarily suspend or reduce your payments. Keep in mind that MFA is a government program, which means there will be a significant amount of paperwork involved. It is not a source of free money and requires effort on your part to qualify.
4. Negotiate with your bank:
If your mortgage meets the criteria, you may be eligible to participate in MHA (Making Home Affordable). MHA requires that any loans supported by Fannie Mae or Freddie Mac be considered, while other lenders can choose to participate in MFA (Mortgage Forgiveness Assistance). MFA may result in lower payments and/or interest rates, and possibly a reduction in the principal balance if your home is valued less than what you owe. If you are unemployed, you may be able to temporarily suspend or reduce your payments. Keep in mind that MFA is a government program, which means there will be a significant amount of paperwork involved. It is not a source of free money and requires effort on your part to qualify.
5. Borrow money from a private investor:
If you are struggling to keep up with your mortgage payments and need to sell your house quickly, we are here to assist you. In certain circumstances, we may even be able to help you remain in your home. Our team works closely with homeowners in Southwest Michigan to identify solutions to foreclosure problems. Contact us at (231) 392-3262 or fill out the form on our website to get started. We will inform you of the ways in which we can be of assistance.