If your mortgage due date comes and goes and you're unable
to make your mortgage payment due to a job loss or another
situation beyond your control, don't pretend there isn't a
problem by ignoring it.
Pick up the phone and call your lender because they can
probably help protect your credit and keep you in your home.
Whether you're late because of an unanticipated illness or
because you've been laid off from your job, one late
payment isn't the end of the world, but communication with
your lender is vitally important because it demonstrates to
them that you care about your credit and making your
payment.
When you call them, they'll probably ask you if you just
have a temporary stoppage of income or if your financial
situation has changed. If you've lost your job, and future
payments are in jeopardy, let them know right away because
there are some steps you can immediately take to reduce or
prevent the possibility of foreclosure.
Depending upon what kind of loan product you're in will
determine what steps your lender may or may not be able to
take. If you have a conventional conforming loan, some
lenders may be able to begin analyzing your financial
situation and working out a solution that is beneficial
both to you and the lender. If your loan is in some way
government backed or insured, government rules may require
you to be 90 days in arrears before your lender will be
allowed to discuss alternative options with you. Either
way, you need to communicate with your lender.
Here are 7 examples of what your lender may be able to do
to help you:
1. Waive late payment fees
2. Give you an extended period of time (perhaps as much in
12 to 24 months) to get caught up on your payment by adding
a fraction of your outstanding loan payment balance to your
payment each month until you can catch up
3. Accepting a partial payment
4. Moving your current payment to the end f your loan,
allowing you time to get your financial house in order
5. Granting you a separate interest-free or low interest
personal loan for the amount of your missed payment
6. Interest or principal reduction
7. Loan refinancing or re-amortization
Your lender doesn't want your house ' they want your
payment. While they would prefer that your payment come in
each month like clockwork, lenders are very well aware of
many of the financial difficulties borrowers are having in
making their mortgage payments.
Your lender probably won't volunteer their assistance,
especially if they don't know you're experiencing problems
making your payments.
All lenders don't offer borrowers all of these options, but
your lender most likely has some of these available to help
you out. You do have to qualify for this help from your
lender. You may be required to provide proof of job loss,
as well as a detailed financial statement, but if it helps
keep you in your house I think it's one of the smartest
things you can do.
What do you think? Would you rather make a phone call or
risk your house?
----------------------------------------------------
Darrin Roseborsky is a Refinance Specialist with OMAC
Mortgages, seminar speaker and president of the Roseborsky
Group and HomeRefinanceCoach.com. Darrin can help you
MAXIMIZE your equity PROPERLY and help you choose options
that make the MOST SENSE for your situation! Learn more
about how it works at: http://www.homerefinancecoach.com
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