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I Just Lost My Job - What About My Mortgage??

By
Real Estate Agent

Unfortunately, many people are facing this situation.  It's a terrible position to be in however

IT Happens

When bad things happen, it's easy to feel a sense of despair.  You may want to crawl into a hole and hope that the situation will go away.  Unfortunately it wont.

You have to have a plan.  Here are a few tips when it comes to talking to your mortgage lender.  Contrary to popular opinion, the banks do not want your house.  They are in business to buy and sell money, not manage real estate. 

1.  If you are current on your mortgage, your mortgage company will not want to talk to you......CALL ANYWAY!  There are so many people defaulting on mortgages that the banks are inundated.  You want to notify your mortgage company of your particular situation.  When you call, notes will be added to your account.  Who knows, you may get another job before your next mortgage payment is due.   You may want the bank to modify your mortgage.  Don't appear to be a deadbeat, CALL.

2. DO NOT IGNORE LETTERS AND PHONES CALLS FROM YOUR MORTGAGE LENDER!  The easiest way to make a bad situation worse is to ignore it.  If the mortgage lender does not hear from you, they will have no way of knowing your situation.  Once again, they may assume that you are a deadbeat.

3.  Call when your payment is going to be late.

4.  Call when your payment is about to be 30, 60 or 90 days late.

Each mortgage lender is different, so the tips mentioned here should only be used as a guide.  Here are a few more things for you to consider

  • If you have no source of income, the bank will probably not work to modify the terms of your loan.  How can you be expected to pay if you have no source of income? 
  • If  you are collecting unemployment, you may be able to have your loan terms modified.
  • If you are 60 days late on your mortgage, you probably will not qualify for a new mortgage for the next 12 months.
  • If you are 90 days late or greater on your mortgage, you probably will not qualify for a new mortgage for the next 3 years. 

Finally, this week President Obama launched the mortgage rescue program which is aimed at helping up to 9 million borrowers stay in their homes.  When you call your mortgage lender, ask about this program. 

Don't feel sorry for yourself.  you are not alone. 

Make This Your Best Year Ever

Your Friend In The Real Estate Business


Leander McClain, Camden & Burlington Township Realtor & Real Estate Consultant, Atlantic & Pacific Real Estate, 103 Carnegie Center, Princetonl, NJ 08540 609-505-6578 (direct)

lee@njsouthrealestate.com, @leemack912, www.facebook.com/Leander.NJRealtor

Search NJ & PA Home Listings @ www.NJSouthRealEstate.com

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Comments(3)

Lynn Meldrum
Lynn Meldrum with Verico Canada First Mortgage - Calgary, AB

Those are great words of wisdom.  I may also add if you are having issues paying your mortgage the same is probably true about your credit cards.  Also get ahold of the cc companies They will be more accomodating than we realize.

Lynn Meldrum

Verico Canada First Mortgage

403 554 9142

Apr 16, 2009 04:08 AM
Irene Tron
Valparaiso, IN

Great advice.  I have a friend going through the exact situation you described.  I plan on having her read your post.

Apr 16, 2009 02:16 PM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Leander = What great suggestions you mention here.  Its definitely a different approach to answering questions of "what am I going to do".

Apr 18, 2009 05:28 PM