You are not alone if you have recently fallen behind on your mortgage payments. According to the Mortgage Bankers Association, more than 3 million homeowners missed, postponed, or made a partial payment in September 2020, showing how the coronavirus epidemic is still having a negative impact on the economy. But don’t worry! Homeowners who are late on their mortgage payments have options for avoiding foreclosure. You should seek help now if you’re behind on mortgage payments for your Lexington, KY home due to the pandemic or for any other reason. Contacting your loan servicer and explaining your circumstance is usually the first step. However, it's understandable if you’d rather not take this action because not all creditors are the same. Keep in mind, though, that foreclosure law in Lexington, KY, requires proactive measures to prevent foreclosure. If you’re behind on your mortgage, here are five solutions you can try.
Sell your home to a cash home buyer in Lexington, KY
However, if you’d rather not go through the tiring process of rearranging your debt to make payments more manageable, you can always choose to sell your property to a cash home buyer. If you’re behind your mortgage payments and want to catch up fast, sell your Lexington, KY property for fast cash. If you’re interested in selling your property in Lexington, KY fast to a local cash home buyer, look no further than Rylo Homes. We buy houses in Lexington, KY regardless of the condition, so you don’t have to worry about your property not matching up to the other homes for sale on the market. Sell your home to us today and walk away with cash after a quick, painless close.
Your mortgage payment is temporarily suspended during a forbearance. Once the suspension or reduction period ends, you agree to pay in a lump sum or through installments. The record should show that you are current on your mortgage during the forbearance period. Servicers don't have a lot of work or underwriting to complete. But ultimately, you'll end up paying more in interest after the forbearance is granted.
Modifying a loan is quite similar to refinancing. Your new loan has a longer duration or a cheaper interest rate. You must prove to your loan servicers that you have gotten past your financial challenges. Usually, there are requirements you need to fulfill, such as demonstrating a financial or personal hardship and attesting to the truthfulness of it.
Installments or lump sums
Homeowners may be able to make past-due payments once their financial position gets better, depending on the servicer. You can pay your monthly installments as well as a little more to make up for the late payments using a repayment plan. Servicers need to be persuaded that you've made enough progress in your finances to be able to bear a higher monthly payment. This can be an excellent choice for homeowners who can afford a higher monthly payment and are in good financial condition. The servicer gets your account current and reinstates your loan when you repay the mortgage in full. However, surcharges could cause the amount to increase.
Your servicer might be able to reduce the principal of your loan depending on the underwriting and the actual valuation of your home. You can minimize your monthly payments by lowering your loan balance. You need the numbers to make this alternative viable because both services and lenders require protection. If your lender or servicer offers principle reductions, you should ask about it.
If you want to sell your house in foreclosure in Lexington, KY, for the least effort possible, selling to a cash home buyer in Lexington, KY, is your most reasonable option. We buy houses in Lexington, KY regardless of the condition or situation they are in, so you know you won’t have to spend on renovations or repairs to make your home more marketable. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
Company Name: Rylo Homes
Contact Person: Jon M.
Email: Send Email
Phone: (502) 317-8553
Address:18 Village Plaza Suite 154
State: Kentucky 40065
Country: United States