Up front communication is always the best action to take when you are experiencing debt problems. If you are concerned that you may miss several monthly payments on your mortgage or home loan, talk to your lender and discuss the options. The bank in most cases would rather avoid an expensive foreclosure and possibly lose money. Many consumers go through temporary financial difficulties and then recover. They are able to pick up where they left off in terms of paying their monthly bills including their mortgage payments. This is true for home owners living in Baltimore, Maryland and other areas around the country.
Options the Bank May Consider
Loan officers at banks
generally do not want to push anyone into foreclosure. They would rather work
things out and keep the homeowner in their home. It is good for business and
they develop a loyal customer if a solution can be worked out. Of course this
means that the consumer is up front with them and communicates their situation
as early as possible. If your running into financial problems, make an
appointment with the loans officer at your bank in Baltimore MD to discuss
solutions.
In many situations the missed
payment issue is a temporary one. If you have been in good standing, there may
be an opportunity to renegotiate the mortgage, fold the missed payments into
the mortgage and generate new monthly payments. It is important to take this
step early before foreclosure has begun to avoid any additional fees and
expenses.
Other Options for the Home Owner
Dealing with your financial
situation early provides lots of options. Once you have missed payments the
alternatives you may have will decrease and force you into one of a few
possibilities including foreclosure.
Many consumers when faced
with upcoming financial difficulties will sell their home. They act quickly,
list the home for sale and take a lower price since they are under pressure to
sell and deal with their debt situation. In some circles this is known as a
distressed sale and buyers will try to take advantage of the situation. They
will make lower offers than are warranted to try and get the best deal they can
knowing that you are a very motivated seller. Never the less, this is one
option to consider and if you can manage the information disclosure appropriately,
they might not get wind of your financial situation.
Selling through the Baltimore
Maryland MLS systems means you need a realtor to list your home and market it
for you. This approach takes time and depending on the market conditions could
take as long as six months to sell your home. Can you afford to wait that long?
This is one of the reasons we emphasize dealing with the financial cash flow
issue as soon as possible.
Sell Your Home to a Professional Home Buyer in Baltimore
Investors are part of a group
of buyers that are considered professional home buyers. They buy homes to fix
up and either rent them out or resell them on the local market. They are a
small pool of buyers and focus on distressed sales and consumers who are
motivated to sell their homes quickly.
They can review your home,
assess what is needed by way of repairs and improvements and then provide an
offer that reflects the local market and a profit for them. They are in the
business to generate income either from renting out a home they purchase or
selling it at a profit. The price they offer will be lower than the current
market. However, the home owner does not have to pay a commission and they can
sell their home quickly. They avoid foreclosure and bankruptcy as well by
home selling quickly and repaying the mortgage along with missed payments. Consumers
also can avoid missing additional payments and mounting debt with a fast sale
that can close in a few weeks instead of several months.
If you find yourself in a
difficult financial situation in the Baltimore area, investigate all of your
options before making a decision. Talk to your lender to explore options for
refinancing your mortgage. Consult a professional home buying company to
determine if this is a viable approach for you based on your situation.
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