When you come to the realization that you can no longer afford your mortgage payment, you may feel hopeless, like your back is up against the wall. In times like this, knowing what options you have can help restore your peace of mind. In part one of this series, we reviewed a few common mortgage workout solutions for those times when you are temporarily suffering financial hardship, but what about those times when the hardship appears permanent? In part two of this series, we’ll detail a few permanent solutions that may be appropriate for your unique circumstances.

If you’re an western Missouri resident who can no longer afford your monthly mortgage payments, Cash 4 Kansas Homes is here to help. We have the experience and knowledge to make a fair, all-cash offer on your home within 48 hours, and we would love to help you in your time of need. Call us at 913-276-0769 today to learn more!

Permanent Mortgage Relief Solutions

Before you consider walking away from your home and mortgage, there are a few options to consider. Speaking with your lender about these options may allow you to keep your credit intact and remain in your home.

Mortgage Modifications

This option is by far the most common one used by lenders when their borrowers fall on hard times financially. With a mortgage modification, the lender may change some of the terms of the original loan in some way that makes it easier for the homeowner to afford. This is usually a permanent solution, and may include lowering the interest rate, changing an adjustable interest rate into a fixed interest rate, or extending the number of years you have to repay the loan. In addition to these load modifications, lenders may also choose to add any missed payments on to the existing balance.


As another option, refinancing may be a possible solution if you fear you will no longer be able to afford your current monthly mortgage payment for one reason or another. Unlike mortgage modifications which change the terms of the original loan, refinancing involves replacing your original loan with a new one that is more affordable. The process of refinancing is very similar to the steps involved in securing a new home loan, however, in order for this solution to be an option, you must have a certain amount of equity in your home.

Sell Your Home

Finally, if your financial circumstances are such that mortgage modification and refinancing are not viable options or they won’t provide enough mortgage relief, you may consider selling your home to avoid foreclosure. There are a couple of different options when it comes to selling a house for this reason. Many homeowners choose to pursue a short sale in which the lender agrees to accept less than the remaining balance on the mortgage for a quick sale. Other homeowners choose to partner with companies like Cash 4 Kansas Homes to sell their home quickly, for cash, with no realtor fees.

Fast Cash for Houses in Missouri

If you’ve determined that a loan modification, refinancing, or a short sale is not possible for one reason or another and you’re considering selling your Missouri home to avoid foreclosure, contact Cash 4 Kansas Homes today. We pay fast cash for houses, providing you the much needed financial resources to move on with your life without killing your credit. Call 913-276-0769 today to get started!