When you’re struggling to make your monthly mortgage payments, you may not be sure about what steps you should take to secure some form of mortgage relief. The process can be so overwhelming that many homeowners simply choose to walk away from homes they can no longer afford. While abandoning your home and your mortgage may be appealing, a foreclosure can remain on your credit report for up to 10 years and your credit score will be severely impacted. While it might not seem like it, there are options, and in today’s blog, we’ll review three key initial steps homeowners can take once they discover they are unable to afford their mortgage.
If you’re a resident of Kansas City and worried you may soon be facing foreclosure due to financial hardship, contact Cash 4 Kansas Homes. Selling your home for cash may be the right solution for you, and we’ll make you a fair, all-cash offer for your home within 48 hours. We’d love to help you in your time of need!
First Steps for Mortgage Relief
When you discover that your financial circumstances may prevent you from paying your mortgage on time, there are a few initial steps to take. By completing a few simple tasks, you can ensure the best outcome for your unique circumstances.
Temporary or Permanent?
There are many reasons why you suddenly may not be able to afford your mortgage payment. For example, you or your spouse may suddenly lose your job or suffer some type of serious health problems. If you used an adjustable-rate mortgages (ARM) loan or a no-interest loan, you may find that the the onset of a higher monthly mortgage payments after the adjustment phase is a harsh reality. No matter what the circumstances are that are causing your financial hardship, it is wise to determine whether or not this is a temporary or permanent situation.
Contact Your Lender
Once you determine whether or not your current circumstances will resolve themselves with some time, it will be beneficial to make a call to your lender. If you have already fallen behind on your monthly mortgage payments, your lender may have already reached out to you via a letter advising you of potential penalties for continued missed payments. Whether you’ve heard from the lender or not, speaking with them on the phone will ensure everyone is on the same page, and your lender may explain a few options for mortgage relief.
Contact a HUD Housing Counselor
In addition to some temporary and permanent mortgage workout solutions, your lender may also recommend that you speak with a housing counselor. There are many mortgage and housing experts that are approved by The Department of Housing and Urban Development (HUD), and speaking with one may provide some alternative solutions that you may not have thought of on your own. As a benefit to homeowners throughout the country, the counseling given by these professionals is often free or costs very little. If you’d like to locate one in your area, you may visit the HUD website, or call 1-800-569-4287 for a referral to a local counseling agency.
Sell Your Home for Cash in Kansas City
If you’ve spoken with your lender and a HUD-approved counselor about your mortgage concerns and there doesn’t appear to be any viable way for you to secure mortgage relief to stay in your home, Cash 4 Kansas Homes is here to help. We buy houses in any condition, and we pay fast cash so that you have the financial resources you need to move on with your life. To learn more about our innovative process and request a cash offer on your home, call us at 913-276-0769 today!
