Behind On Mortgage Payments In Northwest Arkansas

May 12, 2020

Here are some of our expert tips on how to avoid foreclosure in NWA when you’re behind on your mortgage payments. As you may know, it’s a big drain when you’re behind on your mortgage. You are constantly thinking about it, worried about what may happen if you don’t make the payment this month. And then, even if you do make the payment, how are you supposed to pay all the previous months that are overdue? Here’s the good news:

You can avoid foreclosure in Northwest Arkansas.

It’s not always easy, and it requires some creativity, but it can be done. Assuming that’s why you’re here, we’ll give you a few options if you’re trying to figure out what to do.


Options For Avoiding Foreclosure When Behind On Mortgage Payments


Obviously this isn’t the ideal solution, but you shouldn’t ignore it out of principle. If you have a ton of debt and know you won’t be able to find a way out of it, bankruptcy can be a path forward. It allows you to negotiate with a ton of lenders at the same time. It takes a lot of work and won’t take away your mortgage payments. Different lenders have unique requirements and will handle your bankruptcy differently. We’d recommend getting professional help if you’re going to pursue this path.

Reaffirming After Bankruptcy

Essentially reaffirming the loan is when you recommit to pay after bankruptcy. This isn’t allowed in every state, but an affirmation can have some additional penalties that arise later on. We won’t get into too many details, but reaffirming after bankruptcy tells the lender that you are still committing to pay your mortgage payments.

Making Home Affordable (MFA)

The Making Home Affordable program is a HUD program that helps make loans affordable for families struggling to afford their mortgage payments. It modifies the payment to a level that struggling homeowners can afford long term. Loans backed by Freddie Mae or Freddie Mac must be considered. If you decide to pursue this route, be prepared for a lot of red tape and paperwork.

Read more about the MFA program here.

Negotiate With Your Bank

This is especially timely considering all of the economic difficulties facing America. Many lenders are offering assistance for mortgages by reducing rates, temporary payment reductions, or even delayed payments.

The best thing to do in this situation is to be up front and honest with your lender. Explain your situation and the difficulties you’re facing. Have all important documents prepared and reassure the bank you want to own the property for a long time. Remind them that any help you get will be returned and be genuinely thankful for any help they can offer.

Borrow From A Private Lender

Many private lenders and home investors are able to help in your situation. Investors often buy properties quickly, in cash, and help homeowners that are struggling to get out of their problems. For example, here at Cash Homes NWA, we can usually make an offer and close on a house within a week or two. We’ve found this can be tremendously helpful for sellers who are facing these situations.

If you’re interested in learning more about how we can help, give us a call now at 479-259-2633 or fill out the form below to get started.

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Here at Cash Homes NWA, we have one goal: to help you. We try to create win-win deals that benefit everyone. Even if we aren't the best fit to buy your house, we will tell you that and send you in the right direction for help with your situation.

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If you're feeling stress and don't even know where to begin, we can help you by taking care of everything - even if you don't know the first thing about selling a house. We don't even charge any fees or commissions.

We can buy your property in as little as 10 days, or we can wait until the time works for you. You can be in control of the whole process.

We've been buying houses in Northwest Arkansas for many years and have seen it all. We'll treat you with respect and won't pressure you or try to force anything. Our primary goal is to help you.

If you're trying to sell your house quickly contact us today and we can get you an offer in just 12 hours.

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