Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Please Don't ignore the letters from your lender, Contact your lender immediately. If you are unable to make your mortgage payment Heed the following Points
(1) Don’t ignore the Problem. It will not go away. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
(2) Communicate your problem to the Lender. Lenders do not want your house. They have options to help borrowers through difficult financial times.
(3) Open your Mail &/or Correspondance from the Lender. Your failure to open the mail will not be an excuse in foreclosure court.
(4) Know your Mortgage Rights. Read your loan documents to know what Lender may do if you can't make your payments. Learn the foreclosure laws and timeframes in your state.
(5) Understand Foreclosure prevention Options. Making Home Affordable © (MHA) Program, Home Affordable Modification Program (HAMP), Principal Reduction Alternative (PRA), Second Lien Modification Program (2MP), Home Affordable Refinance Program (HARP), Treasury/FHA Second Lien Program (FHA2LP)
(6) Prioritize your Spending. After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses--cable TV, memberships, entertainment--that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
(7) Avoid Foreclosure Prevention Companies. You don't need to pay fees for foreclosure prevention help--use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment)
(8) Don’t Lose your Home to foreclosure recovery scams. If any firm claims they can stop your foreclosure immediately and if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional
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