Help, I’m Behind in My Mortgage Payments in Sacramento – Bridgehaven Homes

Falling behind on mortgage payments can be a scary and overwhelming experience for any homeowner. It can be challenging to figure out what to do when you’re struggling to make ends meet, and your mortgage payments are piling up. Fortunately, there are several options available for homeowners who find themselves in this situation. In this post, we’ll explore some of the options that homeowners can consider when they fall behind on their mortgage payments.

1. Contact Your Lender: The first thing you should do if you’re behind on mortgage payments is to contact your lender. Explain your situation and ask them if there are any options available to you. Some lenders may be willing to work with you to create a repayment plan or modify your loan terms to help you get back on track.
2. Apply for Loan Modification: If your lender is unable to offer a repayment plan, you may be eligible for a loan modification. A loan modification is a change in the terms of your mortgage that can help make your payments more affordable. You can apply for a loan modification through your lender, and they will evaluate your financial situation to determine if you qualify.
3. Refinance Your Mortgage: Another option available to homeowners who are behind on mortgage payments is to refinance their mortgage. Refinancing your mortgage can help you lower your monthly payments, but it can also increase the length of your mortgage. You can explore this option with your lender or consider working with a mortgage broker. If you credit has already been affected, there are also non traditional lenders who may be able to help like a hard money lender who will lend you money based on the value of your home.
4. Sell Your Home: If you’re unable to make your mortgage payments and don’t see a way to get back on track, you may need to consider selling your home. Selling your home can help you avoid foreclosure and reduce the impact on your credit score. You can work with a real estate agent or sell your home to a cash buyer.
5. Short Sale: If you owe more on your home than it’s worth and can’t afford to continue making payments, you may be eligible for a short sale. A short sale is when you sell your home for less than what you owe on your mortgage. This option can help you avoid foreclosure and reduce the impact on your credit score.
6. Deed in Lieu of Foreclosure: If you’re unable to sell your home and are facing foreclosure, you may be eligible for a deed in lieu of foreclosure. This option allows you to transfer ownership of your home to the lender in exchange for forgiving the remaining balance on your mortgage. This option can help you avoid foreclosure and reduce the impact on your credit score.

In conclusion, falling behind on mortgage payments can be a stressful and overwhelming experience. However, there are several options available to homeowners who find themselves in this situation. Whether you choose to work with your lender to create a repayment plan, apply for a loan modification, refinance your mortgage, sell your home, or consider a short sale or deed in lieu of foreclosure, it’s essential to take action and explore all available options to find the best solution for your situation. If you’re struggling with mortgage payments, don’t hesitate to reach out to a financial advisor or housing counselor who can help guide you through the process.

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