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myhome
Guest
0.10 Dollars($)
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 Posted: Mon Feb 19, 2007 5:42 pm Post subject: behind on payment |
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I am behind on payment and am afraid the mortgage company might foreclose, how can I stop my home from foreclosre, I do not want to lose it, my income has reduced considerably and that is the reason I was not able to make the last payment, will the company consider something or just foreclose..thanks for any help I can get.
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Rundle
Guest
0.10 Dollars($)
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| Posted: Mon Feb 19, 2007 5:51 pm Post subject: |
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Hi,
I think you should get in touch with the mortgage company and explain your financial problem. There are many options open for you to avoid your home from going into foreclosure.
Any mortgage company will not look to foreclose as long as there are other options available by which borrower can make the payments. Foreclosure is the last thing in their mind.
If your financial problems are for a short period and within a few months you are expecting improvements then you can ask them about forbearance in which your payments will be delayed for a short period of time. After your financial problems are over you will have to bring your account current.
Rundle |
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Ira Gershwin
Guest
0.10 Dollars($)
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| Posted: Mon Feb 19, 2007 6:09 pm Post subject: |
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If you are in a position to continue making the payments now but it will not be possible for you to catch up with the defaults then a mortgage modification is also possible. The mortgage company may agree to modify the mortgage. In that situation the past dues are added to the existing loan and term of your loan is extended.
As Rundle said you need to inform the mortgage company of the problem you are in and a solution is definitely possible. |
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1486
Location: MASSACHUSETTS
127.85 Dollars($)
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| Posted: Mon Feb 19, 2007 10:09 pm Post subject: RE: home in foreclosure |
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Hi Guest,
Welcome to the forum.
Yes, the company may consider your situation provided you explain it to them properly. Even lenders do not wish to foreclose as it costs them several dollars.
Lenders are willing to help borrowers with alternative payment plans so that one can pay off the debt through lower monthly payments. They may also be willing to allow borrowers go for a deed-in-lieu or a short sale.
Through a deed-in-lieu, a borrower can give away property to the lender who then sells it at a certain price. But in a short sale, you can sell property at a lower price and pay off certain part of the debt. The lender may forgive the remaining debt or demand it from the borrower later on.
In certain cases, the lenders are also willing to suspend payments so that one can gather enough cash to come up with payments after a certain time period in order to clear the debt.
Hope this helps.
God bless you.
Samantha
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