What Are My Options if I’m Behind on My Mortgage in Kansas?

Nearly every homeowner gets behind on their mortgage. The occasional missed payment is manageable. What happens when you get behind on your mortgage? What if you are going through financial hardship?

Fortunately, there are several options for handling a late mortgage payment. You first need to decide if you plan to keep the house or sell the house. You can narrow your options until you determine which one is best for you. Below, we look at your options if you get behind on your mortgage in Kansas.

If You Decide to Keep Your House

If you decide to keep your house and try to catch up on your mortgage payments, your mortgage lender may offer several options.

Refinance

In simple terms, refinancing your mortgage means trading in your old mortgage for a new one. Specifically, you are renegotiating the terms and conditions of your new mortgage agreement.

Loan Modification

The mortgage terms are modified outside the original terms of the contract agreed to by the lender and borrower during a modification. The process is referred to as loan modification or debt rescheduling.

Repayment Plan

A repayment plan is a structured repaying of funds loaned to an individual, business or government over either a standard or extended period, typically alongside interest payment.

Forbearance

Forbearance allows you to pause or reduce your mortgage payments if you're struggling financially temporarily. Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited time while you build back your finances.

If You Choose To Let Your House Go

When you get into mortgage trouble, you may choose to let your house go instead of keeping it and working out your payments. If so, there are several options for getting out of the house or the loan.

Traditional Home Sale

If you no longer want your house, you can hire a real estate agent and list your house on the market. You may be able to find a buyer before the lender forecloses on your home. However, if you are going through financial hardship, you may not have the money you need to sell your house.

For Sale by Owner (FSBO)

If you believe that you can sell your house faster than the realtor, you may choose a For Sale by Owner. In an FSBO, you sell your house directly to the buyer. You assume responsibility for all aspects of the sale, including repairs, marketing, negotiating your sale, and closing.

Short Sale

You sell your property for less than the amount due on the mortgage in a short sale. The buyer is a third party, and all proceeds from the sale go to the lender. The lender can forgive the remaining balance or go after you through a deficiency judgment, which requires you to pay them the remaining balance.

Cash Home Sale

A cash home sale is a private transaction between you and a company that buys houses in Kansas City, Missouri. The buyer makes a cash offer and pays cash for the house as-is. You make no repairs and pay no closing costs or realtor commissions. Plus, you can sell your house regardless of your situation: bankruptcy, foreclosure, or late mortgage payments.

Sell Your House Fast and Get Out Of Your Mortgage Today

If you need to get out of your mortgage and eliminate your debt, the best solution is to sell your house for cash in Kansas City, Missouri. Call 816-608-4688 to get a fast cash offer from Kansas City Cash Closings.