What is the best thing to do when you are behind on mortgage payments and you can't re-finance?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
I would consider the following:
Selling your home. Cash in on any retirement accounts. Ask family for help. Have your family or friends purchase the home for you and you make payments to them...since you have bad credit and would pay higher interest. Let the bank take it...bad choice but it happens?!
What is the best thing to do when you are behind on mortgage payments and you can't re-finance?Short Sell.
This is pretty much a damage-control way of taking care of an issue like you're in. When you Short-Sell, let the lender know that you can't make payments and you want to sell. You may sell the house for less than you owe on it, and you may possibly not make your money back, but those are always risks your bank and you take with real estate.
This way, your credit won't go down again and a bank doesn't want to go through a foreclosure if they don't have to.
What is the best thing to do when you are behind on mortgage payments and you can't re-finance?Call the lender and let them know that you absolutely cannot do those payments, and it will force you into foreclosure. I would speak to the loss litigation department and they have very broad authority to help you.
Foreclosure is expensive, and so is moving.
Try that as a last ditch effort before selling and see if it works.
I wish you luck...anyone can find themselves in that situation.
What is the best thing to do when you are behind on mortgage payments and you can't re-finance?More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.