Can Home Equity Help You Catch Up on Missed Mortgage Payments?

See how Nevada homeowners with substantial equity may be able to use the strength of the property to address mortgage arrears.

Your home can be valuable even when cash is tight

A homeowner may have built significant wealth in a property while having very little cash available today. That is common after a temporary income disruption or unexpected expense.

Calculate the equity before deciding what to do

Subtract the approximate balances of mortgages and other liens from a realistic property value. A $700,000 home with $455,000 in total liens has roughly $245,000 in equity before transaction costs or other adjustments.

Compare the equity with the amount needed

If that same homeowner needs $28,000 to bring the mortgage current, selling a $700,000 asset is not automatically the only answer. The immediate need represents only a fraction of the property’s approximate equity.

Why credit can complicate traditional borrowing

Recent mortgage lates can lower credit and make a conventional HELOC or refinance harder. Private equity-based financing can be evaluated differently, with more emphasis on the collateral and available equity.

What approximately $100,000 in equity means for our review

The strongest candidates for the type of assistance discussed here generally have around $100,000 or more in available equity. More equity can provide more room to solve arrears while protecting the homeowner’s remaining position.

The goal is not to use all of your equity

The point is not to cash out everything you have built. The question is whether accessing enough equity to solve the immediate arrears could be preferable to losing or selling the entire property.

Use the property to evaluate the problem

If you can afford the regular mortgage going forward but cannot overcome accumulated arrears, submit the property value, balances, cure amount and foreclosure date for review. The equity may change what is possible.

Request a private property review

If you want to keep your Nevada home and have substantial equity, send us the approximate property value, mortgage balances, amount you are behind and any foreclosure sale date. Situations with approximately $100,000 or more in available equity are generally the best fit for the type of assistance we provide.