Eliminate the Stress of a Private Mortgage, Let Us Help You Find a Solution
A private mortgage is a loan that is not issued or backed by a government agency and is often given by individuals or private companies. These loans can come with higher interest rates and less favorable terms than traditional A-Lending mortgages, making them more difficult to pay off.
Do you find yourself asking the following questions?
- Why is my interest so high?
- Am I stuck in a high-interest mortgage?
- When is my mortgage coming due?
Let us take the confusion out of your previous mortgage. If you are coming due, just entered into, or are currently in a private mortgage, give us a call and we can help you build a plan through a discussion regarding your mortgage exit strategy and what your next steps are.
If you are struggling to make payments on a private mortgage, there are a few options that may be available to you:
- Refinancing: This option allows you to take out a new mortgage to pay off the existing one, often at a lower interest rate. This can help to reduce your monthly payments and make it easier to afford your mortgage. Learn more about refinancing here.
- Loan modification: This option involves working with your lender to change the terms of your mortgage, such as extending the loan term or changing the interest rate. This can also help to lower your monthly payments.
- Short sale: This option allows you to sell your property for less than the amount owed on the mortgage. This can be a good option if you are unable to make payments and the value of your property has decreased.
- Foreclosure: If you are unable to make payments, your lender may foreclose on your property. This means that the lender will take ownership of your property and you will lose your home. Learn more about the foreclosure process here.
Mortgage Suite offers a wide range of services to help you navigate the process of getting out of a private mortgage. Our team of licensed mortgage professionals can help you understand your options, and work with you to find the best solution to fit your unique situation.
We understand that this can be a difficult and stressful time, and our goal is to provide you with the support and guidance you need to make the best decision for you and your family.
