northwoods property resources llctaxi fare calculatordowndetector

GET STARTED | Get Your Fair Cash Offer Today

  • This field is for validation purposes and should be left unchanged.

Help, I’m Behind in My Mortgage Payments in Milwaukee

I’m Behind in My Mortgage Payments
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 on your mortgage payments on your Milwaukee 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.

There are a few options that can help you to avoid foreclosure in Milwaukee and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Milwaukee have been lost to foreclosure, but there are many ways to avoid it.

Help, I’m Behind in My Mortgage Payments in Milwaukee! 5 Things You Can Do To Help Your Situation

1. Bankruptcy:

This is usually the tool of last resort when you’re overwhelmed by significant debt. There are two main types of bankruptcy to consider: Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off as much debt as possible, which could include losing your home, while Chapter 13 allows you to reorganize your debts and create a repayment plan, potentially saving your home from foreclosure.

Each type of bankruptcy has specific eligibility criteria and long-term impacts on your credit score. Consulting with a bankruptcy attorney is crucial to understand which option, if any, is right for you.

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.

3. Making Home Affordable (MFA):

The Making Home Affordable (MHA) program offers several options to help you stay in your home and manage your mortgage more effectively. If your loan is backed by Fannie Mae or Freddie Mac, you’re automatically eligible for consideration. Other lenders may also participate voluntarily.

Under MHA, you might qualify for the Home Affordable Modification Program (HAMP), which can lower your monthly payments or interest rates and, in some cases, even reduce the principal balance if your home is underwater. If you’re struggling due to unemployment, the Home Affordable Unemployment Program (UP) could temporarily suspend or reduce your payments.

The application process involves substantial paperwork and documentation. To start, visit the official MHA website here, which provides step-by-step guidance and resources to help you through the process. Consider seeking assistance from a HUD-approved housing counselor who can help navigate the complexities.

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.

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.

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 on 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 Milwaukee to find solutions to foreclosure problems.

We’ll let you know how we can help.

Give us a call now at (920) 851-9727 or
fill out the form on this website to get started.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get An Offer Today, Sell In A Matter Of Days

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *