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For Sale By Owner - FSBO Multiple Listing Service

Behind in Payments - Mortgage Help

As the housing market loses value and interest rates go up, many people are getting a nasty surprise. Simply put, if you are behind in payments, you need mortgage help.

Behind in Payments - Mortgage Help

In the recent smoking hot real estate market, the conditions were perfect for buyers and sellers alike. Buyers were presented with unbelievably low interest rates. This, of course, meant they could borrow large amounts of money at incredibly low costs. For sellers, this abundance of cash created a tremendous sellers' market with even unremarkable homes flying off the shelf as fast as they were listed.


The question for many during this period was whether the low interest rates and high home prices were creating the seeds of disaster for many. While times were great, what would happen when the market returned to normal parameters? Well, we are starting to find out.  People are behind in payments and need mortgage help.

If you are involved in the real estate market, you already know that home prices are pulling back and interest rates are rising. For people that purchased a home in the last year or so, this is not a good situation. They bought at the top of the market and have little equity in their property. At the same time, they borrowed money on low teaser interest rates that are now increasing to the point they can't afford the monthly payment. Unfortunately, the pull back in home values means they often don't have equity they can access to pay the bills.

If you are behind on payments, the first step is not to stick your head in the ground. You need to deal with the situation or your lender will deal with you. In this case, we are talking foreclosure and booting you out of the house. If you sit on your butt and hope, you are not going to be saved. You must act.

The obvious step to take if you are in a bad situation and need mortgage help is to sell the house. Is this an ideal choice? Probably not, but do you really have any other option? If you can price the house and pull at least some equity out of it, this option definitely beats defaulting on your loan. If you default, your credit will be a nightmare and it will be a very long time before you can qualify for a loan again.

If you have little equity in your house, you may be surprised you are actually in a better position when it comes to dealing with your lender. First and foremost, the lender does not want the house so it is very unlikely to proceed with foreclosure. Instead, the lender is going to grumble, but should agree to a forbearance agreement. This agreement cuts your mortgage payments in half or eliminates them entirely for a period of time. If you took out student loans to go to college, they were in forbearance while you were actually in school since you could not repay them. The same thing works with real estate. Taking this step can help buy your time to sell the house or come up with some alternative plan for making the payments.

The heyday of the recent hot real estate market is over. Many people are finding themselves behind in payments and in need of mortgage help. If this is your situation, do not procrastinate. Take action to avoid a nightmare.

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