Having trouble paying your mortgage? You aren't alone. According to RealtyTrac, 1 out of every 134 homes filed for foreclosure in the first half of 2007.
More and more, though, mortgage companies are doing their best to work things out with delinquent homeowners.
Loss of a job or a sudden medical emergency are just some of multitude of reasons that forces an otherwise responsible borrower to find themselves in difficulty.
What's important to remember is that you are not alone, and there are people you can talk to. Remember: foreclosure is a difficult and expensive proposition for a mortgage company and it wants to avoid the foreclosure process as much as you do.
If you are having trouble making payments -- before you fall behind! -- call your mortgage lender and explain to them your situation. The lender will likely put you in touch with credit counselors and will usually attempt to work out a payment plan with you.
Never miss a payment (or make a partial payment) without first speaking to your lender because no news is bad news in the case. The lender will assume the worst -- that you plan to never make a payment again.
People with excellent credit are burdened with bad luck all the time so don't let a temporary problem destroy your credit or threaten your home.
No one benefits from drastic action taken against you, so give the lender a call and work things out to everyone's satisfaction.
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Great advice...thanks for sharing!!
Can I get an AMEN!?!?! The funniest part is they "think" it might not come out in the end! That's why "you" are not in this line of business!!! Good Post Ilyce!!
Thanks, Susie! I just wish so many people wouldn't try to "wish" their problems away instead of dealing with them head on.
And, Ken, you're very welcome!
I agree and when ever a seller calls me and tells me there are about to be late with their first payment. I advise them to call their lender ASAP and see if they can work something out if it is only a temporary situation. If not, they still need to know that you are going to be selling the property and we will be needing a payoff amount shortly.
Todd, thanks for that. It really is better when all parties are aware of a potential problem.