Avoid Foreclosure while Paying your Mortgage - Part 2
Continuation from the post Avoid Foreclosure Tips 13. Let the lender know your situation :-
If you sense that you are not being able to pay the next mortgage payment but still current with the mortgage payments, then contact the lender directly without wasting time. If you have already skipped the payments, then don`t shy away and contact the lender straight away otherwise the problem will never end. Always keep it in mind that every lender wants to avoid the foreclosure. If your lender cones to know about you, then there is a chance of getting out of the problem. Always try to be in touch with the lenders. Some people with unpaid mortgage avoid the mails from their financial lenders. The lender can suggest you some way out also in your first notification mail.
4. Check your salable assets :-
Assess your salable assets also, from where you can have some extra money. Every one has some assets that can be sold such as extra car, jewelry etc. While you are in the verge of being foreclosed, shed off the sentimentality and try hard to avoid being foreclosed.
5. Opt for House counseling service :-
In all the states, there are some organizations that are being financed by US Housing and Urban Development which can counsel at no cost. These services are somewhat like credit counseling organizations which offer to solve credit problems. Some companies are also providing same service but beware of them as at the end they can ask a lump sum amount.
Some people offer you to enter into a contract to avoid not only avoiding the foreclosure but also prevent you from all the measures taken by the lender against you. Be careful from them as in that way you can have to loss your home too…
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foreclosure
The best thing is, Your mortgage lender or your legal housing/credit counselor can help you decide which option is best for you.
ReplyDeleteThey can also help you while deciding the option. They have the expertise in deciding it. But always be cautious before having a decision.
ReplyDelete