What are my options when I am behind on mortgage payments?
When you are behind on your mortgage payments there are many people out there who will try and take advantage of you. They will make numerous promises to you and tell you anything you want to hear to get you to agree to sell your house to them. The majority of these people are not licensed real estate agents, but investors. Do not do anything they ask until you know your options.
Some of your options are:
- Refinance your house – A refinance will pay off your existing loan. Unfortunately in most cases this requires you to have a minimum credit score rating. It also requires you to have money on hand in most cases to pay for the cost associated with refinancing.
- You could sell your property – This is an option if you have equity in your house and are able to pay the costs associated with the sale of your house?
- Do absolutely Nothing – You could always just let the process run its course. It is what a number of people do because they are completely overwhelmed. Remember that the consequences of a foreclosure can be very serious, why not try and see if you can have some control in the sale of your house.
- The Short Sale – Don’t have equity in your house? Owe more than your house is worth? Why not try working with a experienced and licensed Realtor to negotiate the short payoff with your lender? My team will attempt to negotiate on your behalf during the short sale process.
|