What to do when your Mortgage Payment is Behind?
What Are Your Options?
Once your mortgage payment is behind you only have a few options.
Call Tami Winbury for a confidential FREE Consultation. I understand the stress you are feeling. You have questions. I have answers.
1. Contact Your Mortgage Lender. Let your mortgage lender know why you are behind on your mortgage payment. A mistake most individuals make is to not talk to their mortgage lender to explain their situation once they are getting behind. The more cooperative you are upfront the better chance you can work it out with them. You should be calling the first moment you know you may get behind on the mortgage payment.
2. Get Current on Mortgage Payments You Are Behind. Try to get money together as soon as possible to bring the mortgage payments current. Be sure to call your lender and ask for a current amount owed before mailing your payment as you do not want the mortgage lender to send it back because you only sent a partial payment. If you think you cannot get current within the first thirty days and the mortgage lender is not willing to work out a mortgage repayment plan, you should look into a mortgage refinance.
3. Mortgage refinance. You may try to refinance your mortgage to bring it current and pay-off the lender. If you do not have "reserves" you should consider getting cash-out to insure you do not get into the same situation within a few months, especially if you know your financial situation is not changing. You may do this assuming you credit score is still high enough and you have enough equity in your home.
4. Sell Home. If you are unable to do a mortgage refinance to bring the mortgage payments current you should seriously consider selling the home before going to foreclosure. Late mortgage payments reflected on your credit report will only be shown for 7 years. This is important because if you “net” enough money from the sale of the home, you can use that to rent another home for a period of time until you get back on your feet and then purchase another home because your credit report will still be o.k. Call Tami Winbury 805-798-3412 and team for a Free Consulation and Market Analysis.
If you go through the foreclosure process that will stay on your credit report for about 10 years and you will have difficulty buying a home for up to five years after the foreclosure (without a large down payment).
Each year thousands of homeowners mortgage payments get behind because of job loss, divorce illness. Avoid foreclosure and losing your home with some tips during this period. First, the most important thing is to take action as soon as possible. Second, sign up here for additional information.
Qualified Short Sale Specialist who cares.
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