Behind on Mortgage Payments in Indianapolis or Fort Wayne?

Behind on your mortgage? Take a breath. You have options.

A job change, a medical bill, a divorce, or a rate that jumped. Life happens, and suddenly you are one or two payments behind and the letters start coming. It is stressful, and a lot of people freeze up and stop opening the mail. Please do not do that. The earlier you act, the more choices you have.

Simple Quarters has been helping Indiana homeowners since 2014. We buy houses in Indianapolis and Fort Wayne for cash, but our first goal is to help you understand every option, including the ones that let you keep your home.

What happens when you miss a mortgage payment

Every loan is different, and your lender or a housing counselor can tell you exactly where you stand. But here is the general timeline most Indiana homeowners see.

1. A few days late. Most mortgages have a grace period, often about 15 days, before a late fee is added.
2. 30 days late. The missed payment can be reported to the credit bureaus, and your lender will start reaching out about options.
3. 60 to 90 days late. Late fees add up, and you may get a formal notice that the loan is in default and how much it takes to catch up.
4. More than 120 days late. Under federal rules this is usually the earliest a lender can file for foreclosure. In Indiana, foreclosure then goes through the court.

The months before a foreclosure is filed are your best window to fix things on your terms.

Your options when you are behind on payments

1. Call your lender early. Ask about a repayment plan, forbearance, or a loan modification. Lenders often have more options before a foreclosure starts.

2. Talk with a HUD approved housing counselor. These counselors are free and can help you deal with your lender and find programs you may qualify for.

3. Cut costs or bring in extra income. Sometimes a short term plan is enough to catch up and keep the house.

4. Sell the house while you still have equity. If keeping the house is not realistic, selling before foreclosure lets you pay off the loan, protect your credit from a completed foreclosure, and keep the money left over.

5. Short sale or deed in lieu. If you owe more than the house is worth, your lender may accept less than the full payoff or take the house back without a foreclosure sale.

We will always tell you honestly which option we think is best for you, even when it is not selling to us.

How a cash sale can help

Fast and certain. We can often close in about two weeks, so the late fees stop piling up and the loan is paid in full.

Keep your equity. The money left after the payoff is yours, instead of being lost to fees or a sheriff sale.

No repairs and no cleanout. We buy the house as it is. Take what you want and leave the rest.

No agent commissions. Selling to us directly means no listing, no showings, and no commission coming out of your money.

You pick the date. Need a few weeks to find your next place? We can work around your move.

How it works in 3 simple steps

1. Tell us about the house. Enter the address above or call or text us at 317-886-1824. It takes about two minutes.
2. Get a fair cash offer. We look at the house and give you a written offer with no obligation and no pressure.
3. Close on your date. The title company pays off your lender, and you walk away with the money left over.

Why Indiana homeowners choose Simple Quarters

• A local Indiana company buying houses in Indianapolis and Fort Wayne since 2014
• Thousands of Indiana families helped
• We buy as is, with no repairs and no cleanout
• No agent commissions when you sell to us
• Honest advice, even when the best answer is not selling to us

Behind on mortgage payments: FAQs

How many mortgage payments can I miss before foreclosure in Indiana?

Under federal rules, most lenders cannot file for foreclosure until you are more than 120 days behind, which is about four missed payments. The foreclosure itself then takes months in an Indiana court.

Can I sell my house if I am behind on payments?

Yes. The missed payments, late fees, and loan balance are paid off at closing, and any money left over goes to you.

Will selling hurt my credit?

Late payments that already happened stay on your report, but selling and paying the loan in full avoids the much bigger hit of a completed foreclosure.

What if I owe more than the house is worth?

Call us anyway. A short sale or another option with your lender may still work, and we can look at the numbers with you.

How fast can you close?

About two weeks from signing to closing is normal, and we can move faster when needed.

Other situations we help with

Already in foreclosure? See how to stop foreclosure in Indianapolis. Going through a divorce? See selling your house during a divorce. Inherited a house? See selling an inherited house in Indiana. Or get your cash offer and call or text us at 317-886-1824. No pressure and no obligation.

This page is general information to help you understand your options. It is not legal or financial advice. Every situation is different, so please talk with your lender, a HUD approved housing counselor, or an attorney about your situation.