Help! I’ve missed too many mortgage payments in Kansas City, and now the bank is sending me letters about taking my house back!
Generally speaking, missing a payment or two here and there won’t make the bank take the house away. But you have to make sure that you catch up on your back payments and then continue making them on time.
Everyone falls on hard times sometimes though. And if you’ve missed too many mortgage payments in Kansas City in a row, the bank could take the house back. They do this through a foreclosure process. Missing payments can hurt your credit score temporarily, but going through a foreclosure can really hurt your credit score by 150 points or more!
Having a lower credit score makes it hard to purchase another house in the future, qualify for other loans, and even rent a place. It is very important to your financial life and is best to keep it as high as possible.
If you are in this situation and have missed too many mortgage payments in Kansas City there are still several options to avoid foreclosure, keep your credit score high, and get your finances back in order.
The Foreclosure Process in Kansas City
The foreclosure process does take time, but it can happen faster than most people realize. Typical speeds in Kansas City are 30 days. The technical language around foreclosures can be confusing which makes this process even more stressful!
One option you have to avoid foreclosure all together is to work with your lender. If your financial trouble is only temporary, you can often work out a payment plan with the lender to get back on track.
They may also simply take the house from you without going through a formal foreclosure in a contract known as a “deed in lieu of foreclosure”. In that case, you won’t get a foreclosure on your record or credit rating.
You can also avoid foreclosure by selling your house before it is foreclosed upon. You have to sell the house for at least as much as the debt/mortgage on the property. Otherwise, you will need to pay for the difference out of pocket.
If you’re thinking of selling your house before the foreclosure consider giving us a call 816-800-9238. We are professional house buyers in the Kansas City area and our company [Green Sparrow Properties] specializes in working with people facing foreclosures. We can buy the home in any condition and with tenants in it as well.
Even though I’ve missed too many mortgage payments in Kansas City, why should I sell my house?
Losing or selling the home and moving to a different place can be a stressful and emotional experience. You may have liked to sell your home for more money in the future. But the financial impact of going through a foreclosure will hurt you much more for many years. It is much easier to rebuild financially with a higher credit score.
You may not be able to keep your home, but don’t let the bank trash your credit score as well!