Falling behind on your mortgage is a problem that more home owners face than you might imagine. We talk to home owners all the time in Lancaster that find themselves behind on mortgage payments. The situation can feel hopeless and like you may never recover, but we’ve put together some options and things to consider if you find yourself in this situation. There are some potential ways that you can avoid foreclosure in Lancaster even if you’re already seriously behind in payments. Don’t lose your home and credit by avoiding the problem. Know your options!
When you fall behind in your mortgage payments on your Lancaster 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 in Lancaster and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Memphis have been lost to foreclosure, but there are many ways to avoid it.
1. Talk to the Bank and Negotiate:
This is an issue that banks are used to dealing with. They often have certain types of assistance that they can offer, but don’t put this off! It’s much better to speak with them early in your time of getting behind in payments rather than waiting until you’re months behind.
With that in mind, the bank is also not typically easy to deal with. It can often take a lot of follow-up with phone calls and emails to get to the right people who can work with your situation. Be kind and patient with these people. They are the ones who hold the keys to making your life miserable or working with you to try and find some sort of short or long term solution. The bank doesn’t want to take your house back, but they’re also a large institution with rules. Understand the system that you’re working in and be patient.
2. Sign a Reaffirmation Agreement:
This is basically an agreement with the bank that you’re “reaffirming” your commitment to pay. In Pennsylvania, the mortgage company still needs to go through the full foreclosure process and can’t just foreclose because you didn’t sign this agreement. That said, there can also be some additional penalties by going this route, so you want to make sure you talk to a legal or financial professional before making this decision.
This isn’t typically an ideal solution, but it can be necessary if you’re dealing with a ton of debt outside of just your mortgage. This doesn’t solve your mortgage problem, but it can help in a few different ways. If you decide to go this route, you should absolutely work with a professional that can take you through the process from start to finish.
4. Work with a professional:
If you’re behind in your payments and need to sell fast, we can help.
We help you in working with the bank to coordinate a sale even though you’re behind on payments. We work with all kinds of people who have found themselves in difficult situations and dealing with foreclosure.
We can work with you to solve your foreclosure problem before the bank takes your house.