Financial trouble can be one of life’s most stressful situations – especially when you struggle to pay something as important as your mortgage.
If you’re like most homeowners who have fallen behind on payments, you’re probably overwhelmed and scared. After all, your mortgage is likely your biggest monthly expense, plus we’re literally talking about the roof over your family’s head.
Many people in this situation simply ignore the phone calls, emails, and billing statements, hoping that the problem will go away. But it won’t.
In fact, the worst thing you can do is ignore the situation. The more time passes, the faster and faster the problem will grow.
The good news is that you do have some options. Here are three in particular that we’ve seen help Metro Detroit homeowners in financial trouble.
Meet with Your Lender
Contacting your mortgage lender to discuss your monthly payments indicates that you’re serious about getting caught up, which is good. Your lender might even be willing to temporarily modify the loan to make monthly payments more affordable, pause or defer your payments, or renegotiate your interest rate. It never hurts to ask. Remember, it benefits them too if you can get your payments back on track and keep your house.
Reach Out to Government Agencies
If your mortgage lender is unhelpful, try reaching out to various government agencies for help. These include organizations like the National Servicing Center, the U.S. Department of Housing and Urban Development, and the Department of Veterans Affairs. These free services may be able to offer resources to get your mortgage payments back on track.
Sell Your House for Cash
Finally, if you’re in the Metro Detroit area, you can call Mitten Made Properties at (248) 883-3340. We’ll make you a fair cash offer on your home, as-is, and we can close fast – in as little as two weeks. Especially if you have a lot of equity in your Southeast Michigan property, selling to a professional homebuyer can certainly be a sensible way to get out of a too-high mortgage payment.
Hope that helps!