The role of the mortgage servicer has radically changed in the past 6 years with the advent of government assistance programs designed to keep people in thier homes and allowing them to avoid foreclosure. The new programs assist mortgagors by allowing them to have their loans modified and delay making payments if they are unemployed until they get back on their feet and get a job.
The programs have evolved over the past 5 years and dramatically changed in an effort to qualify more people. The thing that borrowers must do is communicate with their loan servicer. If they are not able to establish a good line of communication, there is a lot of information online these days to help people through these tough times. 2 of the best web sites to review your options are www.makinghomesaffordable.gov and www.knowyouroptions.com
Most of the large banks have extensive web sites with information about the programs. These programs are always changing, so if you looked last month or last week, you may want to look again and see what has changed.
You must communicate with your mortgage servicer so they know you want to keep your home and work with them in an effort to save your home. If you cannot work with them, there are also new incentives to either do a pre-foreclosure (short sale) sale or to do a deed in lieu of foreclosure. So pick up the phone, pick up your mouse and communicate so you can find a way to save your home. The mortgage company does not want to foreclose, they want to find a way to keep you in the home.
Many times when we are called in to list a home, it is too late and the home is already too delinquent to save from foreclosure. Start making calls to trusted advisors such as a good real estate agent and call your mortgage company early. More than 50% of my listing calls end up in a situation where we can get the customer to communicate with the loan company and get a modification or some type of help to save their home.
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