“What are my options if I’m behind in my mortgage payments?” If you’re behind in your mortgage payments in Stockton, it’s important to figure out how you can avoid foreclosure and the long-term consequences it has on your credit and finances.
Few things are more stressful than falling behind in your mortgage payments. If you and your family are at risk of losing your home because you can’t pay down your balance, don’t give up just yet. You can avoid foreclosure in Stockton – it isn’t inevitable, as long as you take a few preventative actions now. That’s what we’ll cover in this article. Here are five things you can do to avoid foreclosure in Stockton.
Help, I’m Behind in My Mortgage Payments in Stockton! How Can I Avoid Foreclosure in Stockton?
1. Declare Bankruptcy
Of course, this should be used as a last resort. If your financial health is suffering because you have accumulated so much debt, declaring bankruptcy can be a great way to negotiate with multiple lenders. Now this will still involve a lot of paperwork, and you’ll still have to pay your mortgage, but your lenders may try to accommodate your circumstances. If you decide to take this route, make sure you get the best professional help you can afford.
2. Reaffirm Your Loan
Reaffirming a loan can be a useful trick if you need to show your lender that you’re willing to pay off the mortgage. Reaffirmation is basically recommitting to the terms of your loan and promising that you’ll begin paying it. This isn’t allowed in all states, and it can lead to some unexpected penalties or liabilities if your property is auctioned off, so make sure you consult an expert.
3. Try MFA (Making Home Affordable)
If your mortgage qualifies, you might be able to participate in the MHA (making home affordable) program. This government program doesn’t give you free money, and it’s going to require a lot of paperwork, but it can make paying your bills a bit easier by lowering your interest rates or payments.
4. Talk to Your Lender
Lots of lenders routinely offer some level of assistance. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your payment. Most of the time, lenders will want to steer you to refinance your loan – but by the time you’re a few payments behind, you probably don’t qualify for a reduction in interest rate.
You’d be surprised how much assistance some lenders are willing to offer you – you just have to open up a line of communication and let them know what you need. They might lower your interest rate, or even temporarily reduce your payments. It’s tough to negotiate with a bank, but if you make a lot of calls, politely explain your situation, offer relevant documents, and assure the bank that you want to keep your home, it could really help.
After all, the banks will lose a lot of money if they have to put up your home for auction, so it’s in their best interest to let you keep the house, as long as they know you’ll be able to meet your future payments. So work with them. Let them know your intentions to keep your home. Maybe you can strike up a good deal.
5. Borrow Money from a Private Investor or Sell
If you’re wondering, “What can I do if I’m behind in my mortgage payments in Stockton CA?” one option is to sell your home fast. We can help with that – and we may even help you stay in your home. Here at MCB Homes Inc., we work with homeowners in Stockton to find solutions to their foreclosure problems. Make sure you reach out so we can help you move on with your life.
“I’m Behind in my mortgage payments! Can you help?” Yes. Give us a call now at (209) 743-0602 or fill out the form on this website to get started.