Get Your Free Cash Offer Now!
Fill out this form to get your no-obligation all cash offer started!
Get Your Free Offer TODAY!
Fill In This Form To Get Your No-Obligation All Cash Offer Started!
The Reality of Being Behind on Mortgage Payments
A single missed or behind mortgage payment can act as a domino to start a series of unfortunate events that end with foreclosure, and homeowners don't just wake up one morning to find that the house is no longer there. Instead, it happens gradually through little financial struggles until they snowball into a crisis.
For homeowners dealing with property damage, understanding why selling a fire or water damaged house makes sense can help you evaluate your best options.
Early Warning Signs You Are Heading Toward Foreclosure
You Are Constantly Missing Payment Deadlines
The obvious thing is to struggle once or twice, making your monthly mortgage bang on time. If one is busy juggling so many bills and mortgages, always getting pushed back and back into oblivion, then one indeed enters dangerous grounds.
One-patch payments might be considered normal, two to three, the moment that serious attention is directed towards it by lenders. Getting behind on payments for 90 days or more usually sets off the pre-foreclosure process in the state of Indiana.
You Are Getting Notices from Your Lender
When you stop making your mortgage payments, your mortgage lender will initiate the process of sending out notices. The process usually starts with casual letters, followed by strongly-worded ones.
Pay close attention to all letters. If you read a "Notice of Default" or "Acceleration Notice," it means your lender is taking the necessary steps toward initiating foreclosure procedures. These documents carry with them an illicit binding force, and specific deadlines are set therein, which you need to understand.
You Are Using Credit Cards to Cover Your Basic Expenses
Using credit cards to purchase groceries, utilities, or necessities is a definite red flag. This usually implies that your income is insufficient to cover your basic expenses.
Being in that situation is a common curse with many homeowners in Indianapolis. They basically dig themselves deeper into financial problems, borrowing from tomorrow to pay for today. That’s why we buy homes in Indianapolis.
Your Loan Modification Was Rejected
If you applied for loan modifications or forbearances and were denied, you are likely in a tight place. Commonly, this denial means the lender now thinks the current financial situation of the applicant will not allow a sustainable payment plan to be negotiated.
The Foreclosure Timeline in Indianapolis
Knowledge of the Indian foreclosure process can help you more accurately assess your timeframe for moving.
Indiana is a judicial foreclosure state, which means your lender will have to file a suit in court. From the first missed payment to the actual foreclosure sale, the process generally takes about six months to a year, though it may be longer at times.
Solutions When You Have to Catch Up with Mortgage Payments
- Contact Your Lender Immediately
- Selling to Cash Home Buyers for Consideration
- Explore loan modification
Tons of Amazing Reviews from Homeowners in Indiana
We've bought countless houses in Indiana fast and without stress. Here's what a few of them had to say:
Hal Jones
"Knowledgeable, Professional, and Trustworthy!"
"Loyal Home Buyers are a knowledgeable and professional group of folks. You will surely be glad you chose these gents to solve any issue you have. I will definitely be speaking with Jonathan or Kyle if I need to sell a home in their area."
Castilia Cava
"Transparent and Smooth Process!"
"Selling our house with Loyal Home Buyers was a really good experience. What I appreciated most was how transparent they were. Jonathan walked us through the whole process and explained exactly how they came up with their offer.
At first, we were hoping for a little more, but after seeing the breakdown of costs and repairs, it totally made sense. They were honest, professional, and kept us updated the whole time.
We closed in about 3 weeks with no issues. I would definitely recommend them if you want a smooth, straightforward sale."
Conclusion
Foreclosure does not have to take place if a mortgage payment is delayed. The warning signs have been placed for a reason- to give time for action.
Action and only action can save the day, whether by negotiating with your lender, seeking financial counseling, or selling your property to a cash buyer. The greatest condemnation you can inflict upon yourself is inaction. Have any questions in mind? Feel free to get in touch with our experts today as we assist you to deal with your mortgage.
Frequently Asked Questions
Get Your Free Cash Offer Now!
Fill out this form to get your no-obligation all cash offer started!
Get Your Free Offer TODAY!
Fill In This Form To Get Your No-Obligation All Cash Offer Started!
