Buying a house is most often the largest and most important investment that an individual will make during his or her lifetime. Unfortunately, many people make the mistake of picking one that is outside of their budget. In other situations, a sudden change in a financial situation can make paying for the house very difficult.
Difficulties with a mortgage can result in a lot of stress and even the loss of your home. You need to know when it is time to turn to a professional for help with your mortgage and how you can go about getting mortgage help now in Seattle to secure your future.
When to Get Help
You can get help as soon as when you start to fall behind on your payments or as late as when you are threatened with a foreclosure. It is best to get help as early as possible, because you will have more options to restructure your mortgage or to figure out the right solution.
If you fall behind on one payment and you know you’ll be able to catch up the next month, you can feel comfortable without getting help. If you are starting to fall behind on your payments regularly and don’t see how you can catch up, it is probably time to get help.
It can help to understand your mortgage and know if your payments will change in the future. They may go up or down in the near future, which can impact your decision to get help or not.
How to Get Help
If you need mortgage help, it’s best to go to a professional who specializes in this sort of assistance. Such a person understands how all mortgages work and can look at your financial situation, compare it to your mortgage, and discuss your best options with you. Some solutions are more extreme than others to help people who are closer to foreclosure. Some of the popular solutions include the following:
- Repayment Plan: This is a great option if you have missed only a few payments. You can work something out with the loan officer to allow you to pay back what you owe over a period of time by adding a small extra amount to each upcoming payment.
- Reinstatement: This is also a great option if you owe a relatively small amount. You can talk to your loan officer about paying back the loan by a certain amount of time. You choose a date that you will have the payment to them.
- Forbearance: This is a good option if your income is going to be reduced for a certain period of time, but you expect it to increase in the near future. Your payments will be suspended for a period of time that you work out with the loan officer. After this period, you will resume your payments as usual as well as pay some additional money for the temporary suspension. How much this is and how it will be paid back is worked out with your loan officer.
- Declaring Bankruptcy: This is one of the more extreme options, helpful if you are deep into debt and cannot see how you will get out. In some cases, declaring bankruptcy can save assets such as your home, though how your bankruptcy is handled will depend on your unique situation.
- Selling the Home: You can choose to sell your home and rent instead or find another living solution. You may be able to choose a different home that is more affordable. By choosing the right home, you can avoid the need for mortgage help, now or later, in Seattle.
