3 Things You Can Do If You Can’t Make Your Mortgage Payments in Baltimore


If you find yourself in a challenging financial situation that’s outside of your control, don’t ignore it! Taking quick action to avoid the potential long-term damage of foreclosure is key, both financially and emotionally. Don’t wait until it’s too late! Take charge of your future today by taking the necessary steps! Don’t let foreclosure be the only option if you’re struggling to pay your mortgage in Baltimore. Here are three tips that can help you bypass it and stay on track with payments!

Turn Your House Into a Rental

If you’re unable to pay your mortgage in Baltimore, renting is one possible solution that will help cover your payments. While this may require a relocation due to lower expenses, it’s likely the new location won’t be as attractive as your current residence. As a landlord, you must factor in any unforeseen repairs or maintenance into the rental fee and still be competitive with Baltimore’s going rates for comparable rentals. Additionally, there is no guarantee of how quickly you can find an appropriate renter for your property. The stress and pressure of negotiating a successful rental contract within an allotted time and budget can be overwhelming, especially when you’re also taking on the cost of living in another residence.

Work With the Lender

If you’re struggling to make payments on your mortgage in Baltimore, it may be beneficial to work with the lender and negotiate a refinancing plan that works for both of you. You’ll need to demonstrate dedication and commitment when advocating for yourself, but by doing so you can show your financial accountability. If you find that your budget can no longer support your mortgage payments, don’t wait to take action. Reach out to your lender and see if refinancing is the right solution for you. By taking control of the situation early on, they may be able to work with you and help create a more attainable financial plan. Considering all of your options? Why not approach your lender with the idea of a short sale? If you opt for a short sale, it’s possible that you may end up owing the difference of what your house is sold for and the amount remaining on your mortgage note, which is called a deficiency judgment. However, if the lender cannot come to an arrangement with you based on your situation, there are other programs available through the federal government. Of course, this process will involve meeting certain qualifying criteria.


Struggling to make your mortgage payments in Baltimore? Instead of opting for a short sale, you could consider selling your property yourself. You can list it with an agent or as For Sale By Owner (FSBO), but there are three main challenges when facing foreclosure. The first being time, there is no guarantee on when your home may sell. Secondly, as with any real estate transaction, there is no guarantee that you will be able to sell your home in a timely manner; regardless of which market you’re in. Last but certainly not least, you must have the financial means to cover any fees associated with a real estate agent or listing as a FSBO. Unless your home is brand new, repairs will likely be required. Additionally, inspections and appraisals often result in surprise costs that must be taken into consideration. No matter what you choose to do with the property, marketing expenses will need to be accounted for. Moreover, opting for a real estate agent comes at an even higher price; their commission and associated fees add up quickly! Establishing a strong relationship with your lender is pivotal to achieving success. Keeping them informed of the steps you are taking and promptly responding when necessary is essential for an efficient resolution. A direct sale, typically “as-is,” may be more beneficial as it could save both time and money while still enabling progress – so make sure to consider this option!Ready to put an end to your financial burden, sidestep all the hassles and costs of listing your home, AND be guaranteed a sale in record time? The best thing you can do if you can’t make mortgage payments in Baltimore is to sell it to Property Pro Solutions directly! Learn more about how we can help you by sending us a message or giving us a call at 443-775-2768 today.

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