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| Frequently Asked Questions |
- What will happen after I've missed a few mortgage payments?
Although there are ways to prevent it, unless you do something your home can go into foreclosure.
- What should I do after I've gotten behind with my mortgage payments?
Try to get help as soon as you possibly can. If you work actively to resolve the problem as soon as possible, you greatly reduce your chances of having your home go into foreclosure. Contact you mortgage lender and explain your financial situation if you see there is even a possibility of you missing a payment. By making the initial contact, prior to the arrival of delinquency letters, you will be helping your mortgage lender understand that you are having problems that are causing you to miss making your payments. You should also provide your mortgage lender with an incentive to find a resolution, or to start to make some modifications to your loan.
- What types of resolutions?
Usually, a resolution agreement is where you continue to make payments on your amount that is past due over a period of time. Other types of resolution agreements include an extension loan period that will help to reduce you payments and a modification to your loan to reduce your interest rate.
- I am in the foreclosure process, should I leave or stay in my home?
You need to contact an attorney in order to determine your best course of action. If you abandon your property it can have very negative consequences on your qualification for assistance.
- Is there any other advice?
You should always be cautious about potential scams. If a company or person offers you a solution that sounds too good to be true they may be trying to take advantage of you during your time of financial problems. There are some warning signals of a scammer which includes anyone who charges you a fee prior to any services being rendered.
- Why would my lender help me stay in my home rather than foreclose?
There are numerous reasons why your mortgage lender might be more interested in other options rather than foreclosure. Usually, the mortgage lender will take a substantial financial loss from a home foreclosure. Mortgage companies don't want to be in the business of buying and selling homes.
- How common is foreclosure?
Unfortunately, foreclosures happen to many Americans and are becoming more and more common. While the number of foreclosures vary from one state to another, and even from one financial quarter to the next, the number of filings nationally in 2008 was 3,100,000 for 2, 300,000,000 properties in the US. This represents an 81% increase over 2007 and represents 1 out of every 54 households in America having filed a minimum of one foreclosure in 2008.
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