You should take the necessary steps if you find you are unable to keep up with your mortgage payment:
Ignoring the problem won’t make it go away
If you find yourself becoming more and more behind with your repayments, then bringing the mortgage back up to date will be much harder making foreclosure on your home a reality.
Always open any correspondence from your lender/servicer
In the beginning any letters you get from your lender will advise you the best way in which to bring your mortgage repayments back up to date, so all outcomes at this time will be positive. The next batch of letters could very well contain details on legal steps and any legal action that may be pending. No matter how much you are dreading their content if you do not open the letters then using that as an excuse when foreclosure has been started will not be an adequate reason to try and stop proceedings.
Make sure you know your rights when it comes to your mortgage
Knowing what will happen if you default on your mortgage repayments can be found within your mortgage loan documents. Dealing with this at the earliest stage possible will give you a much better chance at different options being available to you. Don’t be afraid to question anything you find within your loan paperwork, understanding what is contained with them is very important if you want to be able to understand any part of the loan modification or foreclosure process.
Understand the options which can prevent foreclosure
There are options available to you including short sale, loan modification etc. Collect as much information on the foreclosure process as you possibly can, be sure to understand the options that are available to you and get them all explained to you in detail. Do not be afraid to ask for things to be explained to you again and again as these legal processes can be very difficult to understand.
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!
We take pride in knowing that we worked as aggressively and strategically as possible to ensure that our clients are protected. Our staff of foreclosure litigation and loan modification experts worked diligently with each and every client, ensuring that we have dotted our Is and crossed our Ts in every aspect throughout our relationship. Our network of supporters include industry experts such as real estate and mortgage brokers, private lenders, hard-money lenders, investors, auditors among others reinforce our processes by supplying us opportunities that overcome almost any obstacle.
This what makes makes us different and this is why we are successful.