seek suggestions for default on mortgage

Guest 0.10 Dollars($)

I have lost my job and fear to be on default in my mortgage if I have to make payments on my loan and maintain my regular expense from the savings that I have. I don’t want a foreclosure of my home. What can I do now?

Guest 0.10 Dollars($)

Hi,

I don't think things are out of control still. Default loan is a problem which can come to anybody. Let your lender know the actual situation and try to bring out a satisfactory plan with him to make the payments till you get another job.

Give it a try.

Dave

Guest 0.10 Dollars($)

Some effort is also required on your part. You need to cut down the expenses to the minimum possible extent so far the problem is not over.

There are financial counselors available to help you avoid a foreclosure. You may take help from them.

Guest 0.10 Dollars($)

Thanks for the suggestions but will the lender listen to me for default on loan?

Samantha · Posted: Wed Jan 11, 2006 11:58 am Post subject:

Hi Marvin,

I can feel your worries. I have seen my brother closely under the same situation. Things will change and your worries will go out soon as you get a new job. I am sure that you will get one shortly.

I must tell you that lenders try to avoid foreclosure as far as possible. This takes a lot of time and cost. So, lenders usually try to make out a revised plan to enable you make the payment. Inform him about your current loss of job.

If you have a good past record with your lender on payments, then he will more likely want to help you in difficult situations. You should be in constant touch with him and explain the conditions under which you failed on any payments.

Be honest to show the lender your income and expenses, assets and liabilities, all the debts you have. Record these things and explain him clearly so that he develops full faith on your honesty.

I am sure he will suggest you for alternative ways and plans to help you with your payments.

God bless you.

For MortgageFit,
Samantha

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