Help, I’m Behind in My Mortgage Payments in Baltimore – Creo Home Solutions

I’m Behind in My Mortgage Payments
Behind on your mortgage? Read this article for 5 tips on what you can to do prevent and avoid foreclosure in Baltimore

Help, I’m Behind in My Mortgage Payments in Baltimore!

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

5 Things You Can Do To Help You Avoid Foreclosure in Baltimore

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 in Baltimore – 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 (MHA):

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 are unemployed, you might be able to get your payments reduced or even temporarily suspended.

MFA is a government program, so there will be a LOT of paperwork. It’s not free money so you will have to work for it.

4. Negotiate with your bank or lender:

Many lenders will offer assistance if you ask for it. However, you will have to work hard at it. If you are able to work with your bank, you may be able to get your interest rate reduced or even receive a temporary reduction in your mortgage payment.

Most of the time, lenders will want you to refinance your loan. However, by the time you are a few payments behind, you may no longer qualify for a interest rate reduction.

You will have to work really hard to negotiate with a bank. Usually, it takes a lot of calls and a lot of patience to get through the bureaucracy. 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 Baltimore 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 your lender 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 your lender has to sell your house at a foreclosure auction, they will often take a financial loss.

That sounds obvious, but for some reason, bankers seem to forget this fact when first saying “no” to someone in need of help. So it is beneficial to be patient but persistent when working with banks.

5. Borrow money from a private investor:

If you’re behind on your payments and need to sell fast, Creo Home Solutions can help.

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

We work with homeowners in Baltimore and throughout Maryland to find solutions to foreclosure problems.

We’ll let you know how we can help and if we cannot help, we will help connect you with experienced professionals that can.

Give us a call now at (410) 870-9228 or
fill out the form on this website to get started.

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