When you fall behind on your mortgage payments on your Oklahoma City home, it can feel like you’re drowning in debt.
Even if you can afford your monthly payment, paying off a past-due bill can seem like an impossible task.
Even if you are significantly behind on your payments, there are a few alternatives that may be able to help you avoid foreclosure in Oklahoma City and possibly even keep your home. Although Oklahoma City has lost numerous properties to foreclosure, there are several measures to prevent it.
Help, I’m Behind in My Mortgage Payments in Oklahoma City! 5 Things You Can Do To Help Your Situation
1. Bankruptcy:
This is typically the last resort method. If you’re drowning in debt, declaring bankruptcy may help you bargain with several lenders at once. That takes a lot of work and won’t allow you to get out of your mortgage. Various lenders will approach your situation differently. You should get the greatest expert assistance you can afford.
2. Reaffirm:
It may be a smart idea to play this card, but there could be unforeseen consequences. Reaffirming the debt essentially entails making an additional payment commitment. An affirmation might result in increased obligations in some places where it is legal if your property is put up for auction.
3. Making Home Affordable (MFA):
You might be eligible to take part in MHA if your mortgage meets the requirements. Some lenders choose to take part in MFA, and all loans that are supported by Freddie Mac or Fannie Mae must be taken into account for MHA.
Your payments and/or interest rates, and even the principle balance, could be lowered with MFA (if your home is worth less than you owe). You might be eligible to have your payments temporarily lowered or suspended if you’re unemployed.
Given that MFA is a government initiative, be ready to deal with a ton of paperwork. It’s not free money; you have to earn it.
4. Negotiate with your bank:
Several lenders often provide some kind of support. You’ll have to work hard at it, but you might be able to negotiate a temporary drop in your payment or a reduction in your interest rate.
Lenders may frequently advise you to refinance your loan, but by the time you’re a few payments behind, you most likely aren’t eligible for a lower interest rate.
Negotiating with a bank requires a lot of effort. To get past the bureaucracy, it typically requires numerous calls and saintly patience. Never, ever, ever be rude. Everyone you speak to should be asked for assistance, but try not to sound desperate. Describe your circumstances, provide proof, and convince the bank that you want to stay in your house for a long time.
Most banks are understanding if you only need a short fix and wish to stay in your house. A few months’ worth of payments may occasionally be added back to the principal balance of your loan. They just care about the money, so tell them that without their assistance, you won’t be able to provide them much more in the long run. They will suffer a significant loss if they are forced to sell your home at a foreclosure auction.
Although it seems clear, lenders frequently overlook it when refusing to assist someone in need.
5. Borrow money from a private investor:
We can assist if you’re behind on your payments and need to sell quickly.
In some cases, we might even be able to assist you with maintaining your home.
We engage with homeowners in Oklahoma City to address foreclosure issues.
We’ll inform you of our assistance options.