Help, I’ve Fallen Behind on My Mortgage Payments in Miami

Falling behind on your mortgage payments can feel like you’re drowning in debt. You might be able to make the next payment, but catching up on previously missed months can be overwhelmingly stressful. 

Lots of properties in Miami end up being lost to foreclosure, but even during this challenging time, there are ways to avoid the worst-case scenario. There are options available that can help you avoid foreclosure in Miami and possibly allow you to keep your house, even if you’re seriously behind on payments. 

One quick option is to sell your house to a Professional House Buyer such as us at [company]. We buy houses in Miami and would love to help you get out of a difficult situation!

5 Things That Can Help Your Situation

I’m Behind in My Mortgage Payments

If you’re being crushed under the weight of debt and unpaid bills, bankruptcy can be a solution for some homeowners. Many consider bankruptcy as a last resort sort of option. But, it does allow you to negotiate with lots of lenders at once. 

Don’t forget that it’s also a lot of work. And, it won’t let you avoid your mortgage. Depending on the lender agency, your situation may also be handled differently from firm to firm. You’d best seek out professional help, at least within the range of what you can afford. 


Reaffirming a loan is, in simple terms, committing to pay the loan under the same terms and conditions of its original contract. This is a reasonably good card to play, but you should be aware that it can come with unforeseen penalties. In some states where it’s allowed, an affirmation can create liability if you still fail to make consecutive mortgage payments, and your property is auctioned off. This is because you have agreed to pay the debt owed after insurance or a foreclosure sale.

3┃Making Home Affordable (MFA)

If your mortgage qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders who choose to participate in MFA.

MFA can lower your payments and interest rates. If your home is worth less than what you currently owe, you might even be able to reduce the principal balance. If you’re out of work, you might be entitled to a reduction in monthly payments or a temporary suspension.

REMEMBER MFA is still a government program. There will be a lot of paperwork to deal with before you qualify. It’s not free money – you have to work for it.

4┃Negotiate with your Bank

Lots of lenders routinely offer some level of assistance. Negotiations can be stressful, and you cannot be afraid of putting in the work. Usually, it takes multiple calls and the patience of a saint to get through the bureaucracy.

On top of that, never, ever act rude or abrupt. You’re dealing with people at the other end of the line – not robots. Try to be as calm and polite as you can. Ask for help from everyone you speak with, but don’t sound desperate. Explain your situation clearly, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

After thoroughly discussing your circumstances with the bank, you might find that you are entitled to a temporary reduction in monthly payments or lowered interest rates. Most of the time, lenders will steer you in the direction of refinancing your loan. However, once you’re a few payments behind, you most likely won’t qualify for reduced interest rates.

If you need a temporary fix and don’t want to leave your home, most banks will understand. Sometimes they’ll be willing to add a few months of missed payments back onto the primary balance of your loan. In the short term, a few missed payments is not tons of money for a bank. Try to remind them that with their help you will be paying them a lot more money in the long run. It’s not profitable for a bank to sell your house at a foreclosure auction. For some reason, bankers seem to forget that when saying ‘no‘ to someone in need of help.

5┃Borrow Money from a Private Investor

If you’re behind on your payments and need to sell fast, we can help.

Depending on your situation, we may be able to arrange for you to remain in your home. 

We work with homeowners in Miami and help people like you find solutions to their foreclosure problems. Check out our website >>> We Buy Houses Miami!

Call our office at (305) 916-3328. A member of our team would love to speak with you.
Or, click here to fill out our short form. We’ll get back to you as soon as possible with a fast, fair ALL-CASH offer on your home.

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David Veras

David Veras was born in Hialeah, Florida and has been involved in Real Estate since February 2019.

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