First and
most important the you should do when you
get behind on your house payments is call
your mortgage company. No matter if your
house is in collection or Loss mitigation
you need to call your mortgage company and
see what workout programs they have to help
you save your house from being foreclosed
on. I have worked in the mortgage industry
for the last 3 years in collections, loss
mitigation, and REO department and trust
your mortgage company does not want you to
lose your house to foreclosure.
If your house is in collections (30 or 60
days delinquent) your mortgage company can
set you up on a repayment plan. Repayment
plans consist of you pay a payment and ½ for
2 months or a payment and 1/3 for 3 month
and so on. If you have a hardship your
mortgage company can offer an extension to
help bring your house payments current. An
extension is when you make 1 payment and
they will put your delinquent house payments
to the end of the loan. If you get a get a
very aggressive rep that is not willing to
listen or help you ask for a manager.
If your home is in foreclosure you still can
get assistance. The mortgage company can
place you on a repayment plan and still do
an extension on your loan. Also, depending
on your hardship you might need a
modification. Your lender can lower you
interest rate over the course of 3 to 12
months and extend you delinquent house
payments to the end of the loan. This is
normally for people with temporary
hardships.
If you already have your house on the market
and are not able to get an offer high enough
to payoff your mortgage they can do a short
sale. A short sale is when the mortgage
company is willing to take a loss on the
property and accept less then full payoff to
avoid house being foreclosed on. If they are
unable to do a short sale on your property
then you can look at doing a deed in lieu.
A deed in lieu is when you surrender the
property back to the mortgage company. You
will have to move out of your home before
they can complete the deed in lieu, but it
will avoid you and your home being
foreclosed on. Deed in lieu will show on
your credit but will not be near as bad as a
full blown foreclosure on your credit. These
are given when the home owner can no longer
afford the property.
Believe it or not your mortgage company does
not want to foreclose on your property do to
most the time they will take a large loss.
Give them a call and save yourself and your
home from foreclosure.
Conclusion
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
Gary L. Seymour
Seymour Law Firm, LLC
215 Coram Avenue
Shelton, Connecticut (Ct)
203-924-6700
801-618-4472-efax (direct to
email)
gseymour@ctlawsw.com
