Although your financial problem could be on the horizon dealing with it head on at this point in time gives you plenty of options to choose from.
So what are your options at this point in time?
- You can continue to make your repayments
- Find out if there is any way to increase your income or decrease your expenses
- Get a lower rate by refinancing your loan – this can be achieved as long as the value of the property is less than your mortgage, if this is the case then you can apply for a HARP (Home Affordable Refinance Program) this is a mortgage relief program created by the federal government. What this program does is enables you to:
- Refinance the primary loan
- LTV (Loan-to-Value) ratio on the original loan could be anything up to 125% of the property value
What happens if you find yourself late with your repayments?
The following details are a generalization because each state has different rules.
- Anything up to 30 days late – Letters will be sent to you asking you to bring your payments up to date
- Anything between 30 – 60 days late – You will be sent one of two letters either a Mortgage Acceleration or a Notice of Intent. What these letters contain is a demand for the entire loan to be paid in full and also the penalties, if this demand is not met then you will be facing foreclosure on your property
- Anything between 2 – 6 months late – If you have failed to keep up with the payment arrangements and not contacted the lender, a Notice of Default will be filed – this means that the foreclosure document will be publicly recorded
If you continue to fall behind on your repayments – Unless the default is corrected within this period then the house will be put up for auction in a Trustee Sale and you will receive a Notice of Sale letter telling you the dates of the auction
Loan Modification Specialists has over 10 years experience of which thousands of Foreclosure cases have been prevented.
We can Stop Foreclosure. We can lower your payments and we have multiple alternatives to help you get your finances back on track. Get Started Today!