Behind on Payments?

Behind-on-payments

Behind on payments? Sometimes, life happens and nothing goes according to plan. You lose your job or you get buried in some unexpected bills. You become behind on your mortgage payments and if you don’t act fast, you might foreclosure and a stain in your credit score. Regardless of your reason, you should be aware of your options going forward.

What happens when you fall behind on payments?

The first month that you fall behind, your lender will send you a written reminder. At this point, you must contact your lender immediately and let him know of your financial situation. Chances are, your lender will work with you because the process of foreclosure can be expensive and a hassle.

If you don’t contact your lender and work out a solution, you will get a notice of foreclosure action. Such a letter will include the scheduled date of foreclosure. In some cases, a sheriff’s deputy may even post the notice of foreclosure action on your door or window.

But all this can be avoided. How?

Contacting your lender will reward you with knowledge on mortgage workout solutions that would help you settle your unpaid debts. Among these is the repayment plan. The repayment plan is an adjusted monthly payment plan to make up for the missed payments.

Another possible solution is the reinstatement and forbearance. Reinstatement is a lump sum payment to get you caught up on your missed payments. On the other hand, forbearance is when your lender will postpone or reduce your payments to get you back up. Reinstatement and forbearance are commonly used together.

I can’t afford the payments anymore. Is there a way out?

When your financial problem stretches for months, it’s understandable that you will not be able to afford the payments anymore. This is also the case when you used no-interest loans or adjustable-rate mortgage loans. In these cases, you only have two options: either sell your home or modify the loan in one way or another.

Mortgage modifications mean that your lender will adjust your interest rates to make the loan more affordable. The principal amount is often left untouched or unmodified, except in extremely rare cases.

Refinancing the loan is also another option but you will need a certain amount of equity in order to qualify.

The third option is to sell your home. A lot of homeowners who are behind on payment will use the short sale strategy in order to sell it quickly. In a short sale, the lender will allow you to sell your home for less than the amount of mortgage owed. There are professional companies that buy houses fast in Oklahoma.

So which of these options appeal to you the most? If you are not interested in staying in the house, your best bet would be to sell your house fast in Oklahoma.

Do You Need To Sell Your House Fast in Oklahoma?

We Buy Houses in Oklahoma - Fast Cash!
We Buy Houses Fast in Oklahoma

You’ve tried to sell your house but are running into roadblocks.  You probably even tried calling a real estate agent. Sometimes selling a house the traditional way with a real estate agent is simply not the best for everyone.  As you know, there can be lots of pitfalls when selling a house the agent route, including: having to clean up and repair the property so it shows well, (open houses in Oklahoma City is not always fun) finding an agent who you trust and who can deliver on their promise (selling your house quickly), signing a contract that binds you to an agent for a certain term, the piles of paperwork you have to sign, shuffling paperwork back and forth from buyer –> to agent –> to you… and back.

The biggest issue with trying to sell with a real estate agent or selling it yourself is often times retail buyers will tie up a home for weeks and pull out on the deal at the last second… or have their bank loan fall through.

It can all add stress, months to the process, and in the end after paying the agent fees, you may or may not be ahead of the game because homes for sale in Oklahoma City can get very competitive.

We work differently.  We will provide you a fair all-cash offer on your house within 24 hours of submitting the short property info form below and can close when you want to closeIf the house is in terrible shape and you don’t want to (or can’t) fix it up… NO problem, we’ll deal with it for you.  If you need to get something done quickly, we can close in as little as 7 days because we buy houses in Oklahoma City with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process <<)

In short…

 No matter the condition of your house – your situation – or timeframe… 

Our goal is to help make your life easier and to get out from under that property that’s

stressing you out… while still paying a fast, fair, and honest price for your house.

Sell Your House Now - Please Submit Your Property Info Below

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Or Give Us A Call Now At: 405-806-0005

We help property owners just like you, in all kinds of situations.  From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations.  We buy houses in Oklahoma and surrounding areas.  Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast in Oklahoma City for cash.

If you prefer to talk to someone in our office before submitting your property information just give us a call today at 405-806-0005

OK Cash House Buyers  buy houses fast  in Oklahoma and all surrounding areas in OK. If you need to sell your house fast in OK, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂

 

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