Behind Your Mortgage? Here Are Your Options

Even with a steady paycheck, many Americans struggle to keep themselves afloat financially and are often only barely able to pay their dues, including their mortgage. So, when the unthinkable happens and they lose their jobs, they’re often forced to foreclose their home.

The truth, however, is that there are other options.

They may not always be agreeable and that you may have to act fast, but, at the very least, it’s better than losing your house.

1.     Reach out to the lender

Believe it or not, lenders can be very understanding when it comes to late payments, especially when it comes to mortgages, and for good reason – they’d rather much deal with allowing you to extend your loan (and get a bit more money in return) than have to deal with selling a foreclosed property, which may not always net them profit.

Don’t wait for the lender to send you letters and phone calls. Act first and let them know what happened.

In most cases, the lender will allow you to come into a forbearance agreement, where you are allowed a few months of no payment in exchange for a higher interest rate or something else. You can also check in with your lender if they offer other modification programs for your mortgage to make the payments easier for you, either temporarily or until your debt ends.

Regardless of whatever agreement you come into with your lender, it’s always best to contact them as soon as possible.

2.     Check if you’re qualified for the HUAP program

The HUAP program, otherwise known as the Home Affordable Unemployment Program, is a supplemental program offered by the federal government for citizens who can no longer afford to pay their mortgage after losing a job.

The program allows for the possibility of a forbearance period for those who are qualified, wherein mortgage payments can be suspended for a set period of time, or even reduced.

Keep in mind that the program has strict eligibility requirements,

Please head on over to the Home Affordable Modification Program page to apply for the program.

3.     Sell your house before it is foreclosed

If all else fails, you can always sell your house. At the very least, you’ll be able to get some money out of it and not lose your property for nothing.

There are many ways to sell your house. Traditionally, you can list it and put it up for sale, either with the help of a real estate agent, or, you can also try selling it on your own. Both of these methods can be time consuming, not to mention expensive. Most home buyers aren’t looking to buy homes that need to be repaired – they want to buy a house that they can move in to right away.

Between the costs of repairs and renovations and fees for the real estate agent, you might not even be able to clear yourself off of all your debt despite selling your property.

An easier way to get out of your mortgage debt is to contact a cash buyer.

Cash buyers will buy your house as-is, without requiring you to do anything. All you need to do is to let them know that you’re selling your house, and they’ll make you an offer. It’s up to you if whether or not you’ll accept the offer, or if you think you’re better off trying your luck in the open market.

 

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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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