3 Things You Can Do If You Can’t Make Your Mortgage Payments in St. Louis


If you’re facing unforeseen financial issues, don’t ignore them! Taking swift action is vital to preventing the potential long term damage that foreclosure can cause both financially and emotionally. Don’t let foreclosure control your life; take back your power before it’s too late! There are steps you can take to bypass foreclosure, we will go over 3 things you can do if you can’t make your mortgage payments in St. Louis.

Turn Your House Into a Rental

In the event that you cannot make your mortgage payments in St. Louis, renting out your property can provide financial relief. Although this may necessitate a move to an area with cheaper living costs, it is not likely to be as desirable of a location compared to where you currently reside. As a landlord, although you are the one who will be responsible for any maintenance or repairs that come up throughout the rental period, it is still essential to remain competitive with other comparable St. Louis rentals when determining your fee. Be sure to factor these extra costs into your pricing model in order to attract tenants while maintaining profitability. Renting your home also comes with no guarantee of how quickly an appropriate renter can be found. Not only this, but as you bear the costs of living elsewhere during the process, organizing a successful rental agreement within time and budget limitations is highly nerve-wracking.

Work With the Lender

If you’re finding it difficult to make your St. Louis mortgage payments, negotiating a tailored refinancing plan with the lender is another option. To ensure that your needs are met and respected, be sure to advocate for yourself and demonstrate that you are determined to meet all of your financial obligations. If your budget suddenly changes and you are no longer able to pay for the mortgage, don’t hesitate to reach out to your lender. They can help by exploring potential refinancing options that fit into your new financial situation. Taking the initial step is essential in order for them to construct a customized plan just for you! Another option to consider approaching your lender with a short sale. If you choose to pursue a short sale, it is important to note that the lender may obtain a deficiency judgment if the amount sold for falls below what remains on your mortgage. If no agreement can be made between you and the lender, there are alternative programs available through federal government agencies, but of course, these options require that certain eligibility criteria are met first.


In the St. Louis area, instead of taking on a short sale you can choose to sell your home by yourself. You could enlist an agent or list it as for-sale-by owner (FSBO), however there are three primary drawbacks when facing foreclosure proceedings with these options. The first being time, there is no definitive timeline for when the sale will occur. Secondly, no matter which market you choose, there is no guarantee that your home will find a buyer. Last, yet certainly not least, is the expense of listing with an agent or selling as a FSBO. It’s essential to have adequate funds available for all associated charges. Unless your home is brand new, there are likely various repairs and inspections to be made. If you decide to hire a real estate agent, bear in mind that higher commissions and numerous associated fees will need to be accounted for as well. Plus, no matter what route you take when selling your house, marketing costs must always be factored into the equation. You will want to keep in touch with your lender, letting them know the action plan you have chosen. To attain success in any connection, effective communication is of utmost importance. It’s imperative to stay connected and ensure them you are taking the necessary steps for a speedy resolution. Realizing this need for accelerated progress may leave you considering the convenience and financial advantages stemming from direct selling of your property. Typically this is an “as is” deal. Ready to alleviate your financial hardship, evade the time-consuming and expensive listing process, and experience assurance of a sale in record time? Look no further than Fast Lane Real Estate! We are here to provide you with the perfect solution if you’re struggling with making mortgage payments in St. Louis! We’ll purchase your home directly from you quickly! Learn more about how we can help you by sending us a message or giving us a call at 314-310-8338 today.

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