In today's market place foreclosures are rampant due partly to the amount of adjustable rate mortgages that were given to people who were then unable to refinance at the time the mortgage started to adjust upward . Match that with declining home values and it becomes a disaster or an investors heaven. If you or someone you know is behind on mortgage payments the first person you should call is your mortgage company and ask to speak with someone who handles their REO division or default division. At this time tell them your ability to repay and they possibly may be able to offer you a forebearance or loan modification depending on a great deal of circumstances which encompass the entire process. Be prepared to fill out paperwork and get it back to them very promptly . If there is no ability to repay or modification to be made the next step would be to contact a local Real Estate Broker who specializes in handling bank owned properties and/or loss mitigation this could possibly keep the foreclosure off your record and keep your credit in a satisfactory position until the late mortgage payments fall off the radar.
Feel free to e-mail me with any questions you may have .
Mike Nehmzow 763-742-7653
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