When you apply for a loan, you will repay in a long time, but you can not be sure that no unfortunately problems which will occurs in the future. And when have face to serious problems such as lost job, divorce with your husband/ wife... You can not repay in time. And you have to face with FORECLOSURE.
To help you prepare for this problem, I will tell you some solutions and the way to avoid the foreclosure.
At first, you need to communicate with your lender and rest assured where foreclosure is concerned, you and your lender are on the same side. Lenders want our money and the interest what comes with it, not your house.And if you seem to be a good risk, the lender will offer to help you to keep your mortgage afloat. But it is forewarned that if you seem like a bad risk, the lender may cut its losses by taking steps to foreclose and evict you as soon as possible.
And the key for this problem is to contact the lender before your debt gets the better of you. The sooner your lender knows of your problem, the more help it can provide.
And the second is the foreclosure spiral, it begins when your loan payment becomes 16 days overdue. At that point, your mortgage servicer will try to contact with you to work out a repayment schedule to bring your loan current.
If your first payment becomes 30 days delinquent and the next month's payment looks doubtful and the collection attempts begin in earnest. If your payments fall 90 days after that, the servicer will likely refer your mortgage to an attorney or other entity that will initiate formal foreclosure proceedings.
And now, I will show you options which your lender may offer if you miss a payment and want to avoid foreclosure:
To help you prepare for this problem, I will tell you some solutions and the way to avoid the foreclosure.
At first, you need to communicate with your lender and rest assured where foreclosure is concerned, you and your lender are on the same side. Lenders want our money and the interest what comes with it, not your house.And if you seem to be a good risk, the lender will offer to help you to keep your mortgage afloat. But it is forewarned that if you seem like a bad risk, the lender may cut its losses by taking steps to foreclose and evict you as soon as possible.
And the key for this problem is to contact the lender before your debt gets the better of you. The sooner your lender knows of your problem, the more help it can provide.
And the second is the foreclosure spiral, it begins when your loan payment becomes 16 days overdue. At that point, your mortgage servicer will try to contact with you to work out a repayment schedule to bring your loan current.
If your first payment becomes 30 days delinquent and the next month's payment looks doubtful and the collection attempts begin in earnest. If your payments fall 90 days after that, the servicer will likely refer your mortgage to an attorney or other entity that will initiate formal foreclosure proceedings.
And now, I will show you options which your lender may offer if you miss a payment and want to avoid foreclosure:
- Repayment plan:
- Loan modification:
- Short sale:
- Short refinance:
- Refinance with a "hard money" loan:
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