It’s Not Too Late
Wondering what a homeowner should expect when
payments are missed? The most important thing to know is that no matter what
stage of default a homeowner is in, there is almost always a way to avoid
foreclosure. That being said, the quicker a homeowner does something about the
situation, the less challenging it will be to resolve.
First, here’s what a distressed homeowner should
expect to happen when payments are missed:
30 Days Late: The lender will attempt
phone contact or send a notice in the mail.
60 Days Late: The lender will attempt to
make contact by phone and follow up with another letter in the mail.
90 Days Late: The lender will send a
letter demanding all past due amounts within 30 days and start the foreclosure
process.
120 Days or
More Late:
The lender’s attorneys will take over and the homeowner will be responsible for
their fees in addition to missed mortgage payments and the loan amount due.
Not late yet,
but about to be?
Homeowners that are not late but foresee missing
payments should communicate this to their lenders as soon as possible. In the
past, many banks wouldn’t work with homeowners unless they were one or more
payments behind. In light of the mortgage crisis, most lenders who would rather
take a proactive stance and decrease their loan losses. They are more willing
than ever to work with homeowners to avoid being late.
If you are visiting my website, you or someone you
care about may miss mortgage payments in the near future. I can help navigate
the process and put you back on a path to financial stability. Contact me today
and alleviate the stress that comes with unaffordable mortgage payments.
IMPORTANT
GOVERNMENT DISCLOSURE: You may stop doing business with us at any
time. You may accept or reject the offer of mortgage assistance we obtain from
your lender (or servicer). If you reject the offer, you will not have to pay us
for our services. The above brokerage is not associated with the government,
and our service is not approved by the government or your lender. Even if you accept this offer and use
our service, your lender may not agree to change your loan.