Mortgage Loan Services and Foreclosure Counseling
Website design By BotEap.comMortgage Loan Services and Foreclosure Counseling Why You Should Talk to Your Bank!
Website design By BotEap.comIf you are a homeowner facing foreclosure, your first thought may be to start packing. While this may be the only option for some in foreclosure, it does not mean it is your only option. Before you throw in the towel, make an in-person appointment to speak with your financial lender. You may be surprised at how much help, assistance, or advice they are willing to give you.
Website design By BotEap.comFirst of all, it is important to know that banks and other financial lenders are not evil. It may sound silly, but that’s how many homeowners feel when facing foreclosure. Many want to know how another human being can force them to leave their own home. In the heat of the moment, many don’t realize that banks want to avoid foreclosures just as much as homeowners. Financial lenders often lose money on foreclosed properties. That’s why it’s imperative that you schedule an in-person meeting with your lender or mortgage servicer right away.
Website design By BotEap.comWhile it’s good to know to meet with your financial lender or contact a mortgage loan servicing professional when you feel you are facing foreclosure or know for sure that it is coming, you may not be sure how to begin. Well, that’s easily answered, the moment you know you’re going to be late on a payment, or late. It is best not to wait until the foreclosure process begins. If you can make a payment, but need a few weeks, be sure to make your actions known. This will prevent your lender from even considering foreclosure right away. Most mortgage companies will not initiate foreclosure proceedings unless you are 2 months or more behind on your payments. You will usually get a notice in the mail that you are late and to contact them immediately, please do not ignore this notice and do not avoid calls home, talk to someone as soon as possible about your situation and they will usually resolve something Type of problem. payment option with you.
Website design By BotEap.comOne of the many reasons homeowners face foreclosure is the job market. Long-term employees now find themselves standing in the unemployment line. If you are fired from your job, schedule a meeting with the mortgagee right away. They may be willing to work with you,
as long as you are taking proactive steps to find a new job. Many times, your monthly mortgage payments may be temporarily reduced. Website design By BotEap.comWhen your home is in foreclosure, you will see signs posted on the building. With that being said, this is not the first notice you will receive. As a reminder, banks want to avoid foreclosure as much as you do, which is why they are likely to call and send regular notices to your home. As embarrassing as it is to admit that you can’t make your mortgage payments, it’s important to answer the phone. Remember, your bank may be willing to work with you and create a temporary payment plan. This is often the case when you can prove that your financial difficulties are only temporary. For example, are you temporarily unable to work due to an injury? Did you get laid off, but are you looking for a new job? If so, please let me know. Website design By BotEap.comIt is also important to determine how much you must pay to stop foreclosure proceedings in their tracks. Since banks want to avoid foreclosure, they may accept a portion of the money you owe. With that said, this is where you need to proceed with caution. If the bank requires payment in full the following month, make sure you can make that payment in full. Otherwise, the process will simply restart from the beginning again. Website design By BotEap.comFinally, when you discuss your options with your bank, it’s important to do it in person. You’ll want to show your lender that you intend to get back on track financially, but this is hard to prove over the phone. Walk into the bank with your head held high, dress professionally and be very confident. You must prove to your lender that the words coming out of his mouth are true. Just because you say you’re looking for a new job doesn’t mean you are. If you are concerned about speaking directly with your mortgage lender, feel free to explore the options available to you by consulting a mortgage loan servicing company for assistance. Whatever your decision, if you are facing foreclosure, take action now!
as long as you are taking proactive steps to find a new job. Many times, your monthly mortgage payments may be temporarily reduced. Website design By BotEap.comWhen your home is in foreclosure, you will see signs posted on the building. With that being said, this is not the first notice you will receive. As a reminder, banks want to avoid foreclosure as much as you do, which is why they are likely to call and send regular notices to your home. As embarrassing as it is to admit that you can’t make your mortgage payments, it’s important to answer the phone. Remember, your bank may be willing to work with you and create a temporary payment plan. This is often the case when you can prove that your financial difficulties are only temporary. For example, are you temporarily unable to work due to an injury? Did you get laid off, but are you looking for a new job? If so, please let me know. Website design By BotEap.comIt is also important to determine how much you must pay to stop foreclosure proceedings in their tracks. Since banks want to avoid foreclosure, they may accept a portion of the money you owe. With that said, this is where you need to proceed with caution. If the bank requires payment in full the following month, make sure you can make that payment in full. Otherwise, the process will simply restart from the beginning again. Website design By BotEap.comFinally, when you discuss your options with your bank, it’s important to do it in person. You’ll want to show your lender that you intend to get back on track financially, but this is hard to prove over the phone. Walk into the bank with your head held high, dress professionally and be very confident. You must prove to your lender that the words coming out of his mouth are true. Just because you say you’re looking for a new job doesn’t mean you are. If you are concerned about speaking directly with your mortgage lender, feel free to explore the options available to you by consulting a mortgage loan servicing company for assistance. Whatever your decision, if you are facing foreclosure, take action now!