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Help, I’m Behind in My Mortgage Payments in Fairfax – Del Aria Investments

When I fall behind in my mortgage payments in Fairfax, 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.

There are a few options that can help you to avoid foreclosure in Fairfax and maybe even keep your house, even if you’re seriously behind in payments. Lots of properties in Fairfax have been lost to foreclosure, but there are many ways to avoid it.

Help, I’m Behind in My Mortgage Payments in Fairfax! 5 Things You Can Do To Help Your Situation

1. Bankruptcy:

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:

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):

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:

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 house 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.

Behind in My Mortgage Payments in Fairfax

5. Borrow money from a private investor:

If you’re behind on your 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 Fairfax to find solutions to foreclosure problems.

We’ll let you know how we can help.


What to Do When Behind in My Mortgage Payments in Fairfax

Whether you’re behind in your mortgage payments in Fairfax or not, there are things you can do to keep yourself from defaulting. Read on to discover these tips and learn how you can make your mortgage payments on time again.

Forbearance

Whether you’re facing a job loss, injury, illness, or other personal issue, you may be eligible for forbearance when behind in your mortgage payments in Fairfax. If you are, you should contact your mortgage servicer to find out how to get your mortgage payments repaid. You may also be eligible for loan modifications.

Mortgage forbearance is a temporary solution to a financial hardship. If you qualify, you can have your payments lowered or paused for up to six months. The servicer then expects that you will resume regular payments, and if not, you may be required to make up missed payments.

If you qualify for mortgage forbearance, you will receive a written Forbearance Agreement that details your arrangement with the servicer. You will also be able to access your status report through the servicer’s web portal.

Repayment through installments or a lump sum

Among the masses, one of the first questions a prospective homeowner asks is whether or not they will be required to make payments on time. While the answer may be yes, it may not be the case if you have an open mind. There are several ways to do this. One option is to pay down the home equity line of credit in full, while the other option is to pay down the home equity line via a home equity loan. The latter option is a less common route, but may have some tax advantages. Using this option may be a better fit for you and your family. The best option is to contact a mortgage broker to discuss your options. You may also be able to find a lender who will work with you to make this dream a reality.

Loan modification or refinance

Depending on your financial situation, refinancing or a loan modification may be the best solution for you. However, you’ll want to make sure that you have a sound financial plan in place first.

Refinancing is the process of replacing your current home loan with a new one. This type of loan can help you lower your monthly mortgage payment. However, it may not be a viable option if you’re behind on your mortgage payments.

Loan modifications are also an option for homeowners who are behind on their mortgage payments. These modifications can help you lower your payment by extending your loan’s term or lowering your interest rate.

Loan modifications are usually used as a last resort, as you’ll want to avoid foreclosure. However, a loan modification can be helpful if you’re in dire need of a lower payment.

Same mortgage

Buying a home is a big investment and it can be difficult to pay the same mortgage payment for years on end. If you are worried about your financial situation, you can seek help from a financial adviser. They can help you set goals and understand what you can afford. They can also help you prepare for the future.

If you live in Fairfax County, you may qualify for property tax relief. The county offers tax relief for taxpayers who are 65 and older, have a significant permanent disability, or have low income or assets. Applicants who have received relief in the past should file their application by April 1 in order to qualify for relief in the current year. If you are considering buying a home in Fairfax County, you can contact Fairfax State Savings Bank to find out if you qualify for mortgage financing. They also offer mortgage services, an online mortgage center, and mortgage calculators.

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