We Buy Houses In Omaha Nebraska and with the work that we do, we have encountered similar situations from past clients like falling behind in your mortgage payments on your Omaha 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.
As Nebraska home buyers, there are a few options that can help you to avoid foreclosure in Omaha and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Omaha have been lost to foreclosure, but there are many ways to avoid it.
Help, I’m Behind in My Mortgage Payments in Omaha! 5 Things You Can Do To Help Your Situation
1. Bankruptcy in Omaha:
This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford.
2. Reaffirm your property in NE:
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) in Nebraska:
If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to participate in MFA.
With MFA, your payments and/or interest rates might be lowered – even the principal balance (if your home is worth less than you owe). If you’re unemployed, you might be able to get your payments temporarily suspended or reduced.
MFA is a government program, so be prepared to deal with lots of paperwork. It ain’t free money – you gotta work for it.
4. Negotiate with your bank in Omaha:
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 home 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 in Nebraska:
If you’re behind in your mortgage 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 Omaha to find solutions to foreclosure problems. We’ll let you know how we can help.
Sell My House In Omaha NE
And if you ever want to explore another option, you can call us for help. We are homebuyers in Omaha and we offer a hassle-free and agent-free service to help you with your mortgage paying trouble. We offer cash for houses in Nebraska and we will make the process simple so you can quickly sell your house in NE and move on.