Missing a mortgage payment can happen faster than most people expect when something unexpected comes up or something changes in your life (Like income)
I think it’s important to say because its true: Bad things happen to good people all the time!
If you’re going through a rough patch at the moment, just know that this is a temporary bump in the road and you’re going to make it through!
If you’ve missed mortgage payments on your house in Hilliard…
You’re probably wondering:
“What happens next? What are my options? & What should I do?”
This article is here to help answer those questions and share how we have been working closely with Hilliard homeowners who are going through this type of situations for years…
You still have time to take action.
What you’ll come to find out is that the faster you take action, the better!
Watch this quick video to learn what happens after missed mortgage payments and what homeowners in Hilliard Ohio should do next…
What Happens After You Miss A Payment?
Most lenders follow a general timeline:
- 1–15 days late → late fees.. potentially the phone calls start. You still may be early enough to call and have late fees removed at this point
- 30+ days → reported delinquent. The lender is likely going to report to your credit. The late fee’s continue
- 60–90 days → increased collection activity. This is when your credit begins to become more severely affected (negatively) and the collection activity (letters and phone calls) becomes more aggressive. Also, after 90 days depending on the lender, they may actually file a notice in the public records about the delinquency.
- 90+ days → foreclosure may begin. This is typically when the lender will begin sending a process server to your house which can feel scary and embarrassing.
Why Acting Early Matters
If you are already behind on mortgage payments in Hilliard Ohio, acting early gives you more options.
Acting early means lower late fees and sometime the lender being more flexible to potentially work with your. The lower fees is a big deal because if you do decide to sell the property, less fees means more money (net) in your pocket. Less fees means lower mortgage balance payoff.
What Happens If You Do Nothing?
If missed payments continue… The situation usually escalates.
When you’re going through this situation, missing payments, collection efforts by the lender, etc. It can feel frustrating like you just don’t feel like dealing with it.
I’m here to let you know that, that is actually the worst thing you can do…
That can lead to foreclosure, legal action, and eventually the need to understand how to avoid sheriff sale in Hilliard Ohio. If the situation escalates all the way to the Sheriff’s Sale auction, the situation has gone beyond the point of no return and this typically means you’re not going to get anything out of this deal and the damage to our credit can be the most severe.
If things have already progressed, you may also need to understand facing foreclosure in Hilliard Ohio and what your options are. The best thing you can do is not let it get that far. Acting fast and working with an experienced professional to clearly lay out your options, as soon as possible, is going to serve you well.
Your Options After Missing Payments
You may be able to:
- Catch up on payments –
This is a good plan if you have the money but the reality is that most homeowners simply don’t have the money. If the homeowner had the money they likely wouldn’t have let the payments fall behind in the first place. If the homeowner was to suddenly come up with the money or come into a financial windfall, that would be a big win! - Work with your lender – This sounds good in theory however most lenders are difficult to work with because they are slow. The longer they take the more damaging it can be to you because while you wait on them, wait to hear back, or wait to get in touch with the right person… the fee’s and interest on the loan typically don’t stop adding up which can continue setting you farther and farther behind.
- Modify your loan – Similar to the option of working with your lender (above), this option solely depends on the flexibility of the lender. You may find that if the mortgage holder is more of a local institution rather than a large corporate lender, they may be a bit easer to work with and may have more options when it comes to the possibility of modifying your loan and payments.
- Sell the property – This can pay off the loan completely and even put money in your pocket. The key is working with the right buyer who can actually close quickly. As mentioned above… speed matters because the faster a buyer can close will typically mean less interest to pay, less fees, and an overall lower mortgage payoff which could result in more proceeds for you from the sale.
Selling Before Foreclosure
Many homeowners choose to sell their house fast in Hilliard Ohio before things get worse. Selling quickly can not only help you net more money as mentioned above but typically the faster you can pay off the loan, the better it will be for your credit score.
Selling As-Is Can Make Things Easier
If the property needs work, you might be wondering if you can still sell the property for a fair price. The answer is YES! But… you need to be working with the right buyer. A reputable cash buyer is going to serve you best rather than a traditional buyer who is using their own mortgage to buyer your house and pay off the loan that you’re behind on.
A traditional buyer using a bank loan is usually going to need to do multiple walk throughs of the house, multiple inspections, appraisals, etc. All of that requires more time and remember, when you’re dealing with missed payments… time is not on your side
Many homeowners choose to sell their house as-is in Hilliard Ohio without fixing anything, and selling to a real cash buyer. Not only can a cash buyer buy the house in it’s as-is condition but they can also act fast to help you maximize proceeds.
Finding a buyer to buy as-is, is also key because typically the homeowner simply doesn’t have money to make repairs. If they had money to make repairs they would have probably used that money to make the payments so they wouldn’t be in this situation to begin with.
Property Condition Can Make Things Worse
If the home has been sitting or neglected, you may also need to consider how to sell a vacant house in Hilliard Ohio as part of your solution. That’s if you’ve already moved on. Here in Ohio, vacant houses are at serious risk of damage from the weather. Especially in the winter time. When it get’s cold, pipes freeze in vacant homes. This can cause thousands upon thousands of dollars in damage and ruin any possibility of you being able to sell the house, get things paid off, and put some money in your pocket.
In more extreme situations, some homeowners also need to sell a hoarder house in Hilliard Ohio when the property condition becomes overwhelming. This is very common and we see houses like this all the time. If the house you’re dealing with is full of stuff, you can still sell the house as-is to the right buyer. We buy houses that would be considered a “hoarder house” all the time. Since we’re buying the house “as-is” you don’t have to clean anything or haul anything away.
How Our Process Works
We keep things simple:
Step 1: Reach out to us HERE or by calling / texting us at 614-300-5151
Step 2: We review your situation right over the phone. Very easy for you!
Step 3: You receive a fair cash offer on the house. No pressure, no haggling!
Step 4: You choose your closing date. We can be fast or flexible.
Get assistance Before Things Get Worse. Remember this is just a financial bump in the road that we can help you get over.
👉 Call or text 614-300-5151 or contact us HERE
Or learn more about how we buy houses in Hilliard Ohio and listen to what other homeowners are saying about working with us (video below)
