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Behind on your mortgage...What should I do? Please read
BEHIND ON YOUR MORTGAGE?
THIS PAST WEEK WE MET WITH SEVERAL FAMILIES THAT ARE HAVING CHALLENGES ISTAYING CURRENT WITH THEIR MORTGAGE PAYMENTS.ONE FAMILY IN PARTICULAR IS  10 MONTHS IN ARREARS AND HAVE A PENDING AUCTION DATE IN THE NEXT 2 WEEKS. ONCE YOU FALL BEHIND 3 MONTHS, FORECLOSURE PROCEEDINGS WILL  BEGIN. HERE ARE SOME DO'S AND DON'TS.
 WHEN YOU MISS YOUR PAYMENTS ,FORECLOSURE MAY OCCUR.THIS MEANS THE LENDER MAY REPOSSESS YOUR HOME.ONCE THE HOUSE IS SOLD AT AUCTION YOU WILL HAVE TO MOVE OUT.IF THE HOUSE IS SOLD FOR LESS THAN THE MORTGAGE AMOUNT YOU MAY ALSO BE HELD LIABLE FOR THE DIFFERENCE.MONTHS PRIOR TO AN AUCTION YOU WILL RECEIVE LETTERS FROM YOUR LENDER INDICATING YOU ARE IN ARREARS.DO NOT IGNORE THESE LETTERS!!!  IMMEDIATELY CONTACT THE LENDER TO DISCUSS YOUR SITUATION AND OPTIONS.
SOME OF THE ALTERNATIVES YOU MIGHT HAVE :
1.MORTGAGE MODIFICATION,
THIS OPTION WILL ENABLE YOU TO REFINANCE YOUR CURRENT LOAN ,POSSIBLY EXTEND THE YEARS TO LOWER YOUR  PAYMENTS TO A MORE AFFORDABLE AMOUNT.
2.SPECIAL FORBEARANCE:
THIS OPTION BASED ON YOUR FINANCIAL SITUATION MAY PROVIDE FOR A TEMPORARY REDUCTION OR EVEN A SUSPENSION IN PAYMENTS FOR A DESIGNATED PERIOD OF TIME.
 
3.PRE-FORECLOSURE SALE:
IF A WORK OUT CAN NOT BE HAD THEN SELLING MAY BE THE ... more

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