Behind on Your Payments in Apache County, Arizona? Let Paying Cash For Houses Help

After the holidays most Americans are faced with a pile of bills that are unexpected after their holiday spending spree.  To top it all off, a large majority of American’s are facing foreclosure as a result of getting behind on the mortgage payment.  Maybe American’s felt that they needed to pay off those high rate credit cards first and decided to let a mortgage payment fall through the cracks for a month.  Unfortunately, that sets off a snowball effect.  If you “forget” to pay your mortgage payment for one month, you may forget to pay the next mortgage payment, and so on and so forth.  Before you know it, you’re receiving an “intent to foreclose” notice in your mail.  That’s when the real shock hits you.  You’re momentary loss of memory has put you in an unfortunate situation.  But, it is a situation that is fixable. 

Options

If you find yourself behind on your mortgage payments, your first step should be picking up the telephone and contacting your mortgage lender.  Most lenders are willing to work with those who contact them right away because it shows you are serious about getting your past due amount paid off.  Some lenders may offer a “work out” solution, which would allow you to continue making your normal monthly mortgage payments.  In addition to your normal mortgage payment, you would work out an arrangement to pay the past due amount over a short period of time.  Other lenders may be willing to work out a “loan modification” with their borrowers.  This will provide you with either a lower interest rate or extend out your final due date for your loan.  Another option is a forbearance agreement.  This is where your mortgage lender will essentially re-write your payment plan to better suit what you can afford.  Most last ditch efforts involve a pre-foreclosure sale.  The only problem with this is the home is generally sold for less than the mortgage amount leaving you responsible for the remaining balance.  Yet another option is to do a voluntary repossession of your home.  Again, this leaves you having to cover the balance due on your home and you are essentially doing your own foreclosure. 

Second Mortgage

If you can’t work out a deal with your first mortgage lender another option to consider is getting a second mortgage on your home.  This will allow you some breathing room while ensuring that your home is not foreclosed.  Most people opt for the second mortgage option in hopes of getting their finances in order while maintaining the family home.  Most mortgage lenders understand the need of second mortgage’s and will work with the borrowers to ensure that the best rates are achieved thus allowing the borrower to get out of debt and more importantly keep their home from being foreclosed. 

There are several options for getting your payments caught back up.  There are plenty of mortgage lenders in Arizona who are willing to help you in this time of need. Even so, your best bet may very well be selling your home and selling it fast. Paying Cash for Houses purchases houses and land primarily in Maricopa County in Phoenix, Chandler, Mesa and surrounding cities. Just contact us at 480-777-Cash or www.payingcashforhouses.com and you’ll be well on your way to making the most of this economic downswing and getting out of the late payment hole. Call us and we can help if you’re looking to sell your home in Arizona.