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 demanding all past due amounts be paid within 30 days, and some will start the foreclosure process.
120 days late or more: most lenders will turn it over to their attorneys for foreclosure, and in most cases the homeowner will be responsible for past due amounts as well as attorney fees.
If a homeowner has experienced a hardship such as, loss of your job or loss of a spouse’s job, divorce, job transfer, death of a spouse. There are several alternatives to foreclosure.
Contact National for a free report on 10 options that homeowner’s have if they are in a mortgage they no longer can afford, it will out line the pros and cons of different options available to you
It is my goal to help homeowners stay in their home or help them relieve the stress of a mortgage they can no longer afford and regain financial stability faster, with out going through the financial damage of a foreclosure.
So if you or someone you care about has a mortgage they no longer can afford please contact me I can help navigate through this process.