Not Yet, But About to be Late?
Your not alone, homeowners across the country are experiencing difficulties paying their mortgage. Based on a recent study by Lender Processing Services (LPS) 6.38 million people were at least 30 days late.
The most important thing a home owner should do is act quickly. The faster a homeowner reacts the less challenging it will be to resolve. If you are not late on your payments yet but will be soon, communicate with your mortgage lender.
Due to the mortgage crisis most lenders are now taking a more proactive stance to decrease there loan losses.
- If you are 30 to 60 days late: Your lender will attempt to contact you by phone and by mail.
- If you are 90 days late: Most lenders will contact you by mail