What happens if I miss my mortgage payments or I am behind on my mortgage payments?
Foreclosure may occur, but it doesn’t have to. You can take action to save your home. You now have more options than ever to prevent your home from going to foreclosure. The consequences of foreclosure can have lasting effects on your credit, and you may still owe the bank and the IRS money afterwards.
What should I do if I get behind on my mortgage payments?
By reaching out for help early when you start missing payments, there is a greater chance of success in avoiding foreclosure. As soon as you anticipate problems paying your mortgage payment, contact a qualified professional to help you assess the situation. Many banks are willing to work with you if you contact them immediately, because they understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. However, it is in your best interest to have somebody represent you that does not work for the bank. If you are interested in a loan modification you need to reach out to a HUD approved counselor in your area. If a Short Sale is the option you seek, you need a qualified Realtor.
What is a Loan modification?
A loan modification is where the bank modifies your loan to a lower payment to try to help you continue to stay in the home. Please note to get a loan modification in most circumstances, you have to be employed.
What is a short sale?
A short sale is where the bank is willing to let you sell the property for less money than you owe on the mortgage in exchange for the property not going into foreclosure.
What should I do if I receive letters saying my home is going to be foreclosed upon?
Do not ignore letters or phone calls from your bank! If you are having problems making your payments, take action immediately, reach out to a professional to help you in your situation. Do not wait!! The quicker you can be proactive in this, the better. Waiting and ignoring the situation at hand could push you in a direction where your options will be reduced, and may limit your control of the situation.
Should I continue to live in my home?
Yes, you are in a far better position to save your home from foreclosure by continuing to live in it. If you move out of the property, you may not qualify for assistance. Although this is not always a “deal killer” it certainly can put way more scrutiny on your situation if you move out. If your circumstances require you to move out, you should continue to maintain the property. This means that all utilities should remain on, and during the warmer months the grass should be cut.
What should I do if I get a foreclosure notice?
If you have received a foreclosure notice, please reach out to someone right away. The longer you wait, the closer you get to foreclosure, and the fewer options you have. If you have received a notice to foreclose this means the bank is working to take legal action to repossess the house. You still have time at this point to work through a few options but do not wait!! The closer you get to the auction date the harder it becomes to negotiate with the bank for whatever options you chose.
This is just a few of the commonly asked questions I get. As always, if you need any more information feel free to contact me anytime.
Copyright © 2011 Brandon Brittingham.