Tagged : Mortgages

Found 2 blog entries tagged as "Mortgages".

Call your lender immediately to see if they can offer a solution. Next, start a to-do list so that you will be ready to answer any questions your lender may ask.

Start a file for records relating to your property. Keep very detailed notes of all the contacts you make, including the date you called and what resulted from the conversation. Collect your proof of income, photocopy at least 2 weeks of pay stubs, 2 years of taxes, and 2 years of bank statements or other benefits you receive. Having good records readily available is very important.

Write all of the reasons you got behind on your mortgage payments. When you speak to your lender they will want an explanation of the events that led up to the financial problems, write all of these reasons down

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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
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