No Matter Where You Are in The Foreclosure Process We Can Still Help

    If you are behind in your mortgage payments and don’t know what to do, all is not lost. Depending on how far behind you are on your payments, you may have options. The first and most important rule is to contact your mortgage company immediately. The longer you wait the bigger the problem will get. Ignoring the problem only leads the mortgage company to believe that you have no intention of resolving the issue and may result in additional cost and legal fees. Remember mortgage companies don’t want your property. They would prefer to work out a solution with you, but the key is communication.

So where do you start?

    If you are only one or two months behind in your payments chances are the mortgage company will let you either pay those payments over time along with your normal monthly payment or put them on the end of your loan as additional payments. This is sometimes called a Forbearance Agreement. But don’t assume this. You need to speak to your mortgage company. They most likely will want you to fill out a financial disclosure form so they know that you will be able to meet this new arrangement. (They don’t want to revisit this issue in 3 or 4 months.) If you need someone to speak on your behalf or have questions contact us and we will be glad to help.

    If you are more that three months behind in your mortgage payments and/or have other bills or liens that prevent you from catching up you might want to consider selling your home, even if you owe more than your houses is worth. When you sell your property for less than is owed on the mortgage this is referred to as a Short Sale.

    If you had a change in your employment or other issue have arisen that prevent you from catching up or making future mortgage payment and you have equity in your home you should seriously think about selling your property. If a mortgage company begins a foreclosure proceeding, additional cost, attorney fees and such can drain away the equity you have. In addition property values have drop anywhere from 5 to 20 percent and it may take years for them to return to their original values. Selling today may be the best option.

    Either way if you need help or assistance we’re always here to help you from anything to answering a simple question or helping you sell you property. Your situation may not be as bad as you think but you need to take action to protect your interest.