Foreclosure Assistance Information

January 18, 2008

 If you are a homeowner and are currently behind on your mortgage payments, you need to read this.  It is very important to act as soon as possible, there are solutions available to help, but the longer you delay, the tougher it will be to find a solution.The first thing you need to do is call your lender or the company that services your loan.  Call them now, you can find their phone number on your most recent mortgage statement and also on the year end tax statement that you receive from them. 

Most people facing foreclosure never call their lender, don’t make that mistake.  No solution can be made without proper communication. Many lenders are working with borrowers, especially those with adjustable mortgages that have recently reset, or that are due to reset in the immediate future.  Depending on your situation, you may be able to enter into an agreement with your lender that will allow you  to incorporate your late payments into future payments, fix the rate on your adjustable loan for a longer period of time or otherwise modify your loan terms or even refinance into a new loan product that meets your needs better. 

If you are not currently behind on your loan, but have had job changes or financial hardships that are going to put you into a situation where you will have problems, the time to act is now.  You can look into various home loan products here for some information on loan programs that may offer a solution.  If you are current on your loan right now, do everything in your power to stay current while looking into additional options.  Credit for home loans is graded in two manners, your overall credit or fico score and a grading of your mortgage payment history.  If you have credit card late payments or other credit issues, but a good mortgage payment history, you will have many more options available than if you have late mortgage payments.

If you are having problems after contacting your lender and looking into additional home loan options, try calling the Homeownership Preservation Foundation at 1-888-995-HOPE.  You can talk with a counselor, or you can visit them on the web at www.995hope.org.  Hopefully this information helps you out.  Feel free to contact me directly if I can be of any assistance to you.  Remember, the most important thing is to take action quickly, open up the lines of communication with your lender and let them know your true situation.

Posted in Foreclosure Information