Behind on Your Mortgage Payments? Understand Your Options Before You Panic

Falling behind on your mortgage can be stressful, but don't assume the worst.

The first thing to do is understand exactly where you stand and what options may still be available.

Selling the house might be one option—but it isn't automatically the first or only option.

Our first question isn't, “How can we buy your house?” It's, “What's happening, and what options do you still have?”

LET'S TALK ABOUT MY SITUATION - CLICK HERE.

First, Find Out Exactly Where You Stand

Don't guess.

Contact your mortgage servicer and find out:

How much is currently past due?
What fees or other charges have been added?
Has the loan entered the foreclosure process?
Are there important deadlines you need to know?
What options does the servicer say are available?

The sooner you understand the actual situation, the better decisions you can make. DO THIS AS QUICKLY AS POSSIBLE!

What If I Want to Keep My House?

If you want to stay in the house and can realistically afford it going forward, ask your mortgage servicer what options may be available.

Depending on the loan and circumstances, options could include a repayment plan, forbearance, loan modification, or another loss-mitigation solution.

Availability and qualification vary, so don't assume you qualify—or don't qualify—without asking.

Helpful Resource:

Talk with a HUD-approved housing counselor

HUD says foreclosure-prevention counseling is free.

You can find a HUD-approved counselor or call 800-569-4287

What If Keeping the House No Longer Makes Sense?

Sometimes the issue isn't simply catching up.

Your income may have changed. The payment may no longer be affordable. The house may need repairs. Or you may simply be ready to move on.

If that's the situation, selling may be worth exploring.

The important question becomes whether you have enough time and equity to sell before the situation progresses further.

How Much Equity Do I Have?

Before accepting an offer from anyone—including us—understand the basic numbers.

Start with:

Estimated Property Value – Mortgage Payoff – Other Liens – Selling Costs = Estimated Equity

If there's substantial equity, you may have several selling options.

That's why understanding the numbers comes before deciding how to sell.

Should I List the House or Sell It As-Is?

That depends partly on time, condition and equity.

If you have sufficient time and the property is market-ready, listing with a Realtor may make sense.

If the house needs repairs, you don't want to make improvements, or your circumstances make a simpler sale more attractive, selling as-is may be another option.

Compare the choices before deciding.

EXPLORE ALL YOUR SELLING OPTIONS - CLICK HERE

Don't Wait Until the Last Minute

Ignoring the problem doesn't make it smaller.

You don't have to make a rushed decision today, but important notices and deadlines should never be ignored.

As time passes, some options may become more difficult or disappear entirely. Solutions generally need time for them to work.

Open the mail. Talk with your servicer. Know your numbers. Get qualified help when you need it. DON'T WAIT!

What Can JP Real Estate Group Do?

We can help you evaluate the real estate side of the situation.

We can look at the property, its estimated value, condition, repairs, mortgage information and potential selling options.

We may also be interested in buying the property directly.

We will always try to find the best option for you to execute.

What we won't do is promise that we can “stop your foreclosure” or tell you to sell a house that may make more sense for you to keep.

Behind on Payments in Decatur or North Alabama?

JP Real Estate Group works with homeowners throughout North Alabama, including Decatur and Morgan County.

If you're behind on payments and considering selling, tell us what's happening and how much time you believe you have.

We'll start by looking at the property and the numbers.

LET'S TALK ABOUT MY SITUATION - CLICK HERE OR CALL 256.469.3099

Learn more about selling a house in Decatur Alabama - CLICK HERE

Frequently Asked Questions

Does Being Behind on My Mortgage Mean I Have to Sell?

No. Depending on your circumstances and loan, your mortgage servicer may have options that could allow you to keep the property.

Can I Sell a House If I'm Behind on Payments?

Potentially, yes. Whether a sale works depends on factors such as the mortgage payoff, other liens, property value, selling costs and timing.

What If My House Needs Repairs Too?

You don't necessarily have to repair the house before selling it to us. We can evaluate it in its current condition.

LEARN ABOUT SELLING A HOUSE THAT NEEDS REPAIRS - CLICK HERE

Don't Make a Fear-Based Decision

Get the facts first.

Find out where you stand with your mortgage.

Determine whether keeping the house is realistic.

Understand your equity.

Then compare your selling options if selling makes sense.

If you'd like us to help with the real estate side of that conversation, let's talk.

JP Real Estate Group
North Alabama Real Estate Problem Solvers
256-469-3099