Everyday I hear about someone loosing their homes to foreclosure and it just keeps getting worse. The last 6 years as a Loan officer has afforded me the opportunity to help many people who are behind on their mortgage. So this is information is something that can help you in the even that you are behind on your mortgage.
1) Generally speaking Foreclosure proceedings start about the 4Th month of no payments.
2) Important information to always remember Mortgage companies do not want your homes. They loose when they foreclose. The reason why is the interest. The mortgage companies are betting on you paying 30 years on your mortgage so that they could collect on all that interest!
3) If you are behind the first thing is to call the mortgage company and tell them your issue. If you are not making any head way with the customer service rep, kindly ask to speak to the supervisor. You will get more help from supervisor than from the customer service rep.
4) These are things that you need to express when you call, if they have a forbearance program, modify the mortgage, this catches you up and what you owe gets put on the back of the loan. What by you offering suggestions you open the door for finding a way to get help.
4) These are things that you need to express when you call, if they have a forbearance program, modify the mortgage, this catches you up and what you owe gets put on the back of the loan. What by you offering suggestions you open the door for finding a way to get help.
The key is don't ignore the problem. Because the further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Always remain in contact with your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times. Please don't ignore mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and time frames in your state (as every state is different) by contacting the State Government Housing Office. 5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the Internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .
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