Late on your mortgage payment? Talk to your lender!
As result of the changes that have been occurring in the mortgage industry over the past several months, many homeowners are finding it hard to keep up with their home loan payments. Delinquency and foreclosures are widespread, creating a situation that affects both the consumer and the lender.
We know many people are struggling to pay their mortgages these days, and so do the banks. Lenders, like borrowers, also feel the impact of current conditions with tarnished reputations and loss of money. They are happy to do what they can to help solve the problem. Your lender will do anything to help you avoid a foreclosure. Believe it.
As in any other relationship, when two sides make an effort to work together, the likelihood of everyone benefiting rises significantly. They key word in this process is: Communication. As soon as that first payment is missed, contact your mortgage company. They don’t want their clients losing their houses either, so many home loan firms are willing to sit down with their borrowers to reevaluate the mortgage terms and try to make the payments more feasible. About 50% of people who had to foreclose on their homes never even talked to their mortgage provider. On the other hand, the majority of owners who worked out a repayment strategy were back on track within 18 months.
If you are having trouble making the mortgage on your property, don’t wait to take action. The sooner you address the situation the easier it is to reweigh the circumstances and come up with a solution.