What should I do if I am having a hard time making my mortgage payments?

Posted Sunday, August 21st, 2011 at 2:52am.

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 in a hardship letter.

Get the current market value for your home. This bit of information is important in exploring all of your options. Call a Licensed Realtor and ask for a Current Market Analysis or a Broker Price Opinion of the property. Most Realtors will do this report at no charge to you.

Get a closing agency to prepare a preliminary HUD for so you will get a close estimate of the proceeds you will receive or the balance due from you if you decide to sell your home.

Sometimes the best solution to get out of a financial mess is to sell your property and find something more affordable. Between working with your lender and Realtor, they should be able to help you devise a solution!

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