woman approved for financial assistance to pay mortgage

Financial Assistance To Catch Up On Mortgage Bills

Not being able to take care of your mortgage bills on time can lead to late fees and cause your credit score to plunge. This is definitely not ideal. So, if you find yourself falling behind on a mortgage payment, you might want to start looking for financial assistance.

Below you will discover a few tips that might help you get back on schedule.

5 Ways To Catch Up On Mortgage Bills

1. Forbearance

Forbearance is when the mortgage servicer agrees to allow you to temporarily pause paying your mortgage or pay it at a lower payment.

This might be a convenient option for those who are facing temporary financial difficulties and are planning on getting back on track in a month or two.

However, do bear in mind that you would still be obligated to repay any missed payments, and covering 2-3 months' worth of bills at once can be tough. Also, by stretching out your mortgage term, you’re agreeing to pay more interest overall.

2. Refinancing

Refinancing is about revising and replacing the terms of a loan agreement. If you are no longer able to pay the specified sum, you can lower your monthly payment.

But, unfortunately, such an option has its downsides as well.

If you have chosen to go for a mortgage refinance, but the interest rates haven’t dropped, then you’ll end up paying a lot more interest. Furthermore, you would be required to pay closing costs, in order to refinance. The costs can range from 2% to 6% of your loan amount (the national average is $2,375).

Financial Assistance To Catch Up On Mortgage Bills

3. Lowering Associated Costs

Finding ways to reduce the costs associated with owning a home is always a good idea. Everything that you’ll manage to save, can be used to catch up on mortgage payments. The only disadvantage of this method is that it might take quite some time for you to be able to set aside a large enough sum.

Here is what you can do:

  • Shop around for cheaper property insurance
  • Figure out whether you’re eligible for property tax abatements
  • Find out if you have enough equity to cancel your private mortgage insurance
  • Lower your utility bills

4. National And Local Assistance Funds

You can look for homeowner assistance in your area. Those who have a household income at or below the state’s program requirements would most likely be able to qualify. But there are programs that have established lower limits, so definitely check those.

5. A Title Loan

A title loan is a convenient and fast way to get access to a portion of your car’s value. This money can then be used to cover emergency expenses or to take care of a mortgage bill, for example.

The loan amount can help you avoid fees and a late payment on your credit report. If you know that you’ll be able to repay the title loan without facing any significant difficulties, then certainly do consider such an option.

How Can Delaware Title Loans, Inc. Help?

Delaware Title Loans, Inc. is a company that can help you get the money that you need as soon as the next business day or, sometimes, even the same day.

You might get approved in just 30 minutes and qualify for up to $15,000! The exact loan amount would depend on the value of your vehicle and its condition, both of which would be determined during a physical inspection.

woman getting financial assistance to help with mortgage

Can You Apply For A Title Loan With Bad Credit?

If your credit history is not perfect, even without the missed mortgage payment, then you might be naturally assuming that taking out a loan would be impossible in your case. But that’s not true.

Delaware Title Loans, Inc. welcomes all types of credit. A non-existent or poor score should not stop you from getting the money that you need. So, as long as your car is in good condition and your title is lien-free, you might be able to qualify.

Can You Complete The Process Online?

You can complete an inquiry form online, but you would have to meet up with a company representative to get your car inspected.

However, that does not mean that driving to the store is your only option. The verification agent can come to a location of your choice.

Catch Up On Mortgage Bills Today!

If you feel like you won’t be able to take care of your mortgage bills, starting to look for financial assistance is a good idea. A late payment can lead to fees and a drop in your credit score.

Thankfully, you can always choose to apply for a title loan offered by Delaware Title Loans, Inc. With this company, you can get up to $15,000 the very same day. If you can’t afford to wait any longer, complete the online inquiry right now. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.