Defaulting on your mortgage payments?
Due to the steadily declining economic climate and the devastating effect that Covid-19 has had on people’s lives, jobs, and property, you may find yourself in an undesirable financial situation.
If this is you, then there is nothing to be worried or ashamed about. You are only one of the millions of other Americans who have found themselves in this situation at one time or the other.
In this post, we will be answering most of your questions, as well as providing you with a valuable solution to overcome your problems and come out unscathed.
How long can I owe my mortgage lender?
Depending on the nature of your mortgage lender’s business, the amount of time that you will be allowed to default on mortgage payments before your house goes into pre-foreclosure may vary slightly.
Nevertheless, the average number of payments that you are allowed to default on is four. After this period of grace expires, your lender will file a notice of default and the foreclosure process will be set in motion.
Will the government pay my mortgage bills for me?
Due to the Covid-19 pandemic, the government halted all evictions momentarily, as it was observed by the CDC that the forceful eviction of tenants from their place of living will pose a severe health crisis.
This memorandum, unfortunately, came to an end on the 31st of July, 2021, after several extensions. What this means is that you not only need to resume paying your mortgage bills, but you also need to find ways to settle all the defaulted payments that you may have accrued.
Failing to meet up with your regular mortgage payments equates to waiting to be evicted and have your property foreclosed on.
What can I do now?
With the devastating effect of the Covid-19 pandemic, we understand that your finances may have already been dealt a great blow. If you find that you are still struggling to pay your mortgage regardless of how hard you try to make your income meet up, then you should begin to realize that your income bracket may not change any time soon.
What you should be doing is weighing other options; a smaller home with a smaller mortgage debt and a loan with a more favorable interest rate are a few things you should consider.
In the meantime, finding a favorable way to sell your house and pay off the loan you currently owe to your mortgage lender should be at the top of your priority list. Selling a house that you can’t pay the mortgage on anymore is one of the savviest financial decisions that you will make. It prevents you from going further into debt and helps you avoid the risk of foreclosure which will have drastic impacts on your credit score.
At Tgaz Investments LLC, we simplify the buying process and help you get out of bad debt. We will buy your house as it is, without any appraisal or cumbersome vacillating. We will either pay you cash or set up a plan to repay your mortgage debt until it is paid in full.
Our simplified buying process saves you thousands of dollars that would otherwise have been swallowed up in commissions, renovations, closing costs, and other expenses that come along with selling a property.
Hurry up and get on the phone with us today. Call 480-848-7173.