I met with a woman this past summer that was 3 months past due with her mortgage. I recommended that she call the bank and see if she can get them to help her stay in her home. She lost her high paying job, took a new job that where she was earning far less than what she was when she first bought her home. Further, she has a pay option arm mortgage.
The homeowner called me this morning and informed me of how grateful she was:
She worked out minimum monthly payment agreement for 6 months with her mortgage company last month.
However...
This month she couldn't make the payment again, but she called her bank. She indicated that the Loss Mitigator was compassionate and understanding.
The bank gave her another agreement for 6 months until she "got back on her feet". this time, the bank lowered the payment signifigantly lower than the last agreed upon amount, the homeowner felt that her new payment would help her keep her home. They also said she could wait until February 15th to make her first new, new payment!!
The bank also said she should call "Hope Now" a non-profit organization that will advise and assist homeowners who are behind in their payments. Some options are: Short Sale, Deed in Lieu of Foreclosure, Loan Modification and Refinance.
I cannot give the rest of the
We see people loosing their homes every day. If the homeowners see a problem, they should call their bank as soon as possible. The bank really doesn't want to foreclose. It costs them more money to repossess the house.
Since home prices have drastically fallen, more and more financial institutions are not as quite as quick to play the foreclosure card.
Moral: If you are falling behind on your mortgage payments.. CALL YOUR BANK or Mortgage Company right away.. you
Lori Lincoln is a successful Professional Realtor/Consultant with Keller Williams Realty. Lori Lincoln is one of the few educated full time professionals in the area that works on a higher level
Lori sells homes in Rehoboth, Taunton, Dighton, Assonet, and other Surrounding Communities in Bristol County Massachusetts.
You can reach Lori
Lori Lincoln
Keller Williams Realty
508-878-0917
Search Thousands of MLS listings for Taunton,Rehoboth,Lakeville, Assonet,Somerset, Raynham, Easton
$8000 tax Credit. Luxury Home Specialist in MA
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