What should you do when you get behind on your mortgage? Do not ignore the letters and phone calls from your mortgage company. This is a serious matter. Work to resolve the problem. Keep track of all correspondence you receive – you may need it later. Stay in your home – if you leave you may not qualify for foreclosure help. We developed a few foreclosure and mortgage FAQs for you.
Is a loan modification right for you?
If you have been contacting your mortgage company and you are not getting anywhere, you are not alone. Many mortgage companies are not responsive when homeowners reach out for help with their mortgage. Hiring a lawyer can help you determine if a loan modification is right for you and can lead to a faster response from your mortgage company.
Can you stop a foreclosure?
The thought of a foreclosure and dealing with it alone is scary. Having someone on your side who understands the mortgage companies and the homeowner’s rights can make all the difference in working out a solution. However, time is of the essence – contact an attorney BEFORE your home is in foreclosure.
Are you eligible for a forbearance?
A mortgage forbearance gives you time to gather your assets by delaying or reducing payments for a short time. At the end of that time, you will need to bring your mortgage current. Even if you are eligible, a forbearance may not be your best option. Make sure you understand your rights and the terms.
What is a Deed in Lieu of Foreclosure?
A Deed in Lieu is basically the borrower signing the deed/title to their property to the lender in exchange for the lender canceling the mortgage. This can be advantageous to the borrower because it could release them from most of the personal indebtedness associated with the defaulted mortgage.
If you are having difficulty paying your mortgage or are behind on your payments – don’t wait to get help. The sooner you take the steps to understand your options, the better off you will be in the long run. Please call us with any questions about this blog or if you need help with your financial situation. We are happy to answer more of your foreclosure and mortgage FAQs.