Help, I’m behind in my mortgage payments on Long Island!

behind-on-mortgage

Behind on your mortgage? Read this article for a few tips on what you can to do prevent and avoid foreclosure

We hear alot of people say, “Help, I’m behind in my mortgage payments” on Long Island.  When you fall behind in your mortgage payments on your Long Island home, it can feel like you’re drowning in debt.

Even if you’re able to make your monthly payment, catching up on a past due balance can be an overwhelming challenge.

There’s a few options that can help you to avoid foreclosure on Long Island and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties on Long Island have been lost to foreclosure, but there are many ways to avoid it.

1. Bankruptcy:

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.

2. Reaffirm:

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.

3. Making Home Affordable (MFA):

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.

With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.

MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.

4. Negotiate with your bank:

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 have to work really hard to negotiate with a bank. Usually it takes lots of calls and the patience of a saint to get through the bureaucracy. Never, ever act rude. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you’re in need of a temporary fix and want to stay in your home, most banks can be forgiving. Sometimes they’ll be willing to add a few months of payments back onto the primary balance of your loan. It’s all dollars and cents to them, so remind them that you need their help to give them a lot more money in the long run. If they have to sell your house at a foreclosure auction, they’ll take a huge loss.

That sounds obvious, but for some reason bankers seem to forget it when saying no to someone in need of help.

5. Borrow money from a private investor:

If you’re behind in your payments and need to sell fast, we can help.

In certain circumstances, we may even be able to help you stay in your home.

We work with homeowners on Long Island to find solutions to foreclosure problems.

We’ll let you know how we can help.

Give us a call now at (559) 546-1252 or
fill out the form on this website to get started.

Ieishah Edwards

About Ieishah Edwards

In a society that has traditionally valued job security, Ieishah has demonstrated the ingenuity and perseverance it takes in creating and sustaining a successful growing business. She has displayed incredible drive, acumen and creativity which have positively impacted her business and the community she serves. Her goal, however, is to become a real estate investor who buys properties and/or sells them to end-users. The knowledge and experience of investing in real estate has grown tremendously due in part to her previous partnership with Anglestone Realty Acquisitions and OneSource Mortgage Company. This union has complimented this endeavor and has enabled her to develop a good business foundation in real estate investing. Ieishah decided to launch her own real estate investing business, HomeSites Property Holdings LLC. Within months after launching her own real estate investing company, Ieishah landed her first real estate deal. Now, as a full time real estate investor, Ieishah continues to invest in real estate and has never looked back. With the right drive, positive attitude, focus and idea, anyone can accomplish whatever is their passion in life. Focus on what you are passionate about, put together a marketing plan and take ACTION for results. Are you ready for the challenge?

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