6 Things Lenders Will Do to Help You

If you find yourself behind on your loans, there are several things that a lender will do to try and help you.  Here they are:

1) Forgive late fees.  Hopefully you have contacted the lenders before they have spent money on attorneys fees, which are harder to get forgiven.

2) Forgive back interest.  If you are struggling to make your payments but can show that with a fresh start you can make it, then they will go a step further and forgive the accrued interest that has piled up on your loan.

3) If you are several months behind and cannot afford to make up your back payments, then they can agree to add your back payments to the amount of your loan, which will lengthen the terms on your loan.

4) If your income has dropped and that is the cause of your problems, lenders can agree to a lower interest rate and a lower monthly payment.

5) If you cannot make the payments but have a buyer willing to pay you less than what you owe on the house, they can accept a lower amount for their loan.  This is called a “short sale.”  We specialize in short sales, and can expertly guide you through this process.  Call us at 205-390-1050 to learn more.

6) If you cannot make your payments and do not have a buyer, you can offer to deed the house back to the lender.  This is called a “deed in lieu of foreclosure”, and is the lenders last choice other than foreclosure.  If you have a second mortgage or other liens against the property, then a lender will not accept the deed, as that lender would then own the property subject to all of the debt.

If you have any real estate problem in need of a solution, call us right away at 205-390-1050 for a free consultation.  You may also reach us at www.WeBuyBham.com.  We buy houses in all types of situations in Birmingham.

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