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Help, I’m Behind In My Mortgage Payments In Louisville!

I’m Behind In My Mortgage Payments In Louisville

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

When you fall behind in your mortgage payments on your Louisville 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.

Help, I’m Behind In My Mortgage Payments In Louisville!

There’s a few options that can help you to avoid foreclosure in Louisville and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Louisville 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. I’m Behind In My Mortgage Payments In Louisville.

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. I’m Behind In My Mortgage Payments In Louisville.

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. I’m Behind In My Mortgage Payments In Louisville.

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. I’m Behind In My Mortgage Payments In Louisville.

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. I’m Behind In My Mortgage Payments In Louisville.

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 in Louisville to find solutions to foreclosure problems.

We’ll let you know how we can help. I’m Behind In My Mortgage Payments In Louisville.

Give us a call now at (502) 631-9392 or
fill out the form on this website to get started.

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What is a Pre-Foreclosure in Louisville?

What is a Pre-Foreclosure in Louisville

What is a Pre-Foreclosure in Louisville?

With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

So what is a pre-foreclosure in Louisville anyway?

Many homeowners across America and Louisville are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Of course this number can vary by bank and situation sometimes.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home. What is a Pre-Foreclosure in Louisville.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options that can delay or even prevent losing your home:

  • If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local Louisville mortgage broker… or contact us and we can connect you with a reputable one.
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Louisville like us at Fast Cash House Buyers, LLC in Louisville, KY (502) 631-9392, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your Louisville Kentucky area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
  • You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off.  In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
  • You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.

Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time. What is a Pre-Foreclosure in Louisville.

If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating. What is a Pre-Foreclosure in Louisville.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help. What is a Pre-Foreclosure in Louisville.

Ways We Can Help If You’re In Pre-Foreclosure

  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your Louisville area houseWe buy houses in Louisville and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.

If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.

Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure resources. What is a Pre-Foreclosure in Louisville.

Want To Discuss Your Pre-Foreclosure Options? Call Us at (502) 631-9392
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

 

Photo by John Johnson

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How to Avoid Foreclosure in Louisville

How to Avoid Foreclosure in Louisville

How to Avoid Foreclosure in Louisville?

While the housing market is rebounding, many people in Louisville, Kentucky are still struggling to make their mortgage payments.

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Louisville. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Louisville with your home.

The Keys of How To Avoid Foreclosure in Louisville Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Louisville have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Louisville are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Louisville are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you. We Buy Houses In Foreclosure. We Buy Houses Louisville.

Give us a call anytime at (502) 631-9392 or
fill out the form on this website today! >>

 

Photo by abqbizlaw

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How to Stay in my Home after Foreclosure in Louisville

How to Stay in my Home after Foreclosure in Louisville

How to Stay in my Home after Foreclosure in Louisville

A recent study estimates that 47% of foreclosed properties are still occupied.

When you first see that stat you may be surprised… but we’re not.

What most people don’t realize is that banks aren’t in the business to own homes.

They are in the business to loan people money. But when they have to foreclose on a house… the bank is forced to own the home until they’re able to sell it to get all or most of their money back.

But, what they had found is that when a Louisville foreclosed house goes vacant… there is a much greater chance that the house will fall into disrepair.  Often times the bank would rather have you in the property even after you stop paying your payments and the foreclosure is started because it wards of vandals and keeps the house in good working order.

There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.

In those stories, people are avoiding house payments for months, even years.

Man, that sounds great! Let’s all live for free. (wink)

Wait… it can’t be that simple, right?

Right.

No bank would purposely neglect collecting payments. The only way that you get to live without making any payments is when some major mistakes were made.

But you might get lucky! It’s possible, and it’s happened before. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.

So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and crime.

Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in Kentucky, banks may ask you to leave while wanting you to stay.

There are a few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay In My Home After Foreclosure In Louisville

Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.

1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.

2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).

How to Stay in my Home after Foreclosure in Louisville3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.

4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.

It’s really good that you’re reading this page and exploring your options. We help homeowners like you to find creative solutions.

We can’t help everyone, but we might be able to help you.

We buy local Louisville KY houses like yours from people who need to sell fast

Give us a call anytime at (502) 631-9392 or
fill out the form on this website today! >>

 

Photo by Sean Bonini

 

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Can I Sell My Louisville House In Foreclosure?

 

Can I sell my Louisville house in foreclosure

Can I Sell My Louisville House In Foreclosure?

Do you have a Louisville Kentucky house that’s in foreclosure right now? Many people going through the Kentucky foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: Yes.

The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.

Selling Your Louisville House In Foreclosure – How it works

There are a lot of folks in Louisville who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.

Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.

Working With Banks During The Foreclosure Process

  1. Bank Foreclosure ProcessAlways over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
  2. Don’t miss deadlines. If anything will be late, call with advance notice.
  3. Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
  4. Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
  5. Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
  6. Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.

If you’re looking to sell your Louisville house in foreclosure fast, call us now.

We specialize in helping homeowners in situations including foreclosure around Louisville and the whole state of Kentucky get out of difficult situations and avoid foreclosure. In certain circumstances we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.

If you need to sell a property near Louisville, we can help you. 

We buy properties like yours from people who need to sell fast.

Give us a call at (502) 631-9392 anytime
or fill out the form over here today! >>

 

Photo by Jay Tomic Bobas

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