What to Do If You Are Behind on Your Mortgage

One of the things we understand most here at C & S Homes is the stress and hopelessness you may encounter when you happen to fall behind on your mortgage. There are steps you can take to help ease the initial burden and help you tread water for awhile, but finding someone else to step in and buy could also be a game-changing solution.

Here are some of the plans of action you can follow through with to temporarily help with the sudden squeeze and with what seems like an “incoming assault” during a hardship that stemmed from a loss of income or medical incident.

• Keep the Lender in the Loop: Many lenders may be able to work with you extensively by offering up a reworked payment plan, or even a forbearance. If you choose a forbearance option, you can make up for all of the payments you missed in one lump sum.

• Modifying the Terms of Your Mortgage: Your lender may have the ability to alter the existing terms that your mortgage binds you to every month. You may be able to refinance or allocate a new mortgage with an interest rate that allows for some vital breathing room.

• Provision of Professional Counsel: Since the lender’s prime objective is to make things right for financial gain, an opinion from a different viewpoint could benefit you greatly. A HUD-approved individual is the best for this situation, as they are not looking to generate large income from your predicament.

• Selling the Home Outright for Cash:  Although the items above are a few great ways to help remedy the problems that stem from getting behind on your mortgage… Sometimes the most feasible option would be to sell your home for cash. Doing this would relieve the financial stress of having the mortgage while also providing some income during a difficult time. Additionally, C&S ensures that all closing costs and moving expenses occurred is included in the cash offer so you are not having to pay anything out of pocket.

In some instances, many residents right here in Colorado Springs and Pueblo inherit houses that they cannot quite afford. Issues such as this, a sudden bankruptcy, or the end of a marriage may leave you wanting to talk to us today to provide help for your situation! Weathering the challenges that the last year has provided for many, we can even make sure to write the inclusion of closing costs in the offer to ensure you are not encountering unwanted pressure during an already trying time.

We pride ourselves on years of experience, a well-developed understanding of current market trends, and having a knack for providing solutions that go above and beyond. Call and speak with us today, and we will educate you regarding all of the others under duress that we have provided a solution for in your same situation!