Have you fallen behind in your Wichita mortgage payments and find yourself sinking in debt? Do you feel like you’re drowning, even when you are able to pay your current mortgage statement? It can be overwhelming because you still need to catch up on past due balances.
Many properties have been lost to foreclosure in Wichita. If you are extremely behind in mortgage payments, but you want to avoid foreclosure in Wichita, you do have several possibilities.
Please Help! I’m Behind in My Mortgage Payments in Wichita! 5 Things You Can Do to Help Your Situation
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File for Bankruptcy
Filing for bankruptcy is essentially your last option, but is no easy task and it will not help you avoid the most important asset…your mortgage. Bankruptcy could be a good way to negotiate with many lenders at the same time if you are swimming in debt. But each person’s circumstances are unique and lenders treat each one differently. It would benefit you to seek professional help, as much as you can afford.
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Reaffirm your Mortgage
Reaffirming your mortgage debt means recommitting to the loan terms and promising to pay it. This option is allowed in some states, and it could be a good possibility in your case, but an affirmation could create additional liabilities and unseen penalties if your property is auctioned.
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Making Home Affordable (MHA) Program & New Mexico Mortgage Finance Authority (MFA).
You may be able to lower your payments, interest rates, and also the principal balance with the Making Home Affordable (MHA) program if your mortgage qualifies. You may also be able to have your mortgage payments reduced or temporarily suspended if you are currently unemployed. Loans supported by Fannie Mae or Freddie Mac are considered for MHA while other lenders participate in the New Mexico Mortgage Finance Authority (MFA) program. MFA is a government program that comes with a lot of paperwork, is not a handout, and is something you work for.
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Bank Negotiations
There are many lenders who offer assistance when you need it and you will need to work hard to negotiate with a bank. One option is to have your mortgage payment temporarily reduced. Another is to get your interest rate reduced. Lenders may try to lead you towards refinancing your loan, however, by the time you are several payments behind, you likely won’t qualify for an interest rate reduction.
This typically takes a lot of patience and hard work to negotiate with multiple banks, but many offer some level of assistance.
Always be kind and tolerant by explaining your situation and asking for help, no matter how many people you speak with or how many calls you make. Offer any supporting documents they may request and indicate that you wish to remain in your home long term.
If you wish to remain in your home and are only needing a temporary solution, some banks can be forgiving by adding a few payments back into the balance of your loan. One card you can play is to indicate that they will get more money in the long run while giving you some relief temporarily. Otherwise, if the bank moves to foreclose on your property, they will take a huge loss by auctioning off your home. This will remind bankers the ramifications of rejecting temporary relief.
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Borrow Money from a Private Investor
As a private investor, we work with homeowners in Wichita to find solutions to foreclosure problems. We can help if you are behind on your payments and need to sell quickly. We may also be able to help you remain in your home in depending on your circumstances.