Behind on the Mortgage? Keep a Clear Head, says HomeSavers USA30 October 2005
With American job losses exceeding 300,000 from hurricane damage alone, it’s no surprise that mortgage delinquencies are up. If you are falling behind on your mortgage, the mortgage company does not want your home, but they cannot allow you to remain delinquent. Many will allow you to catch up over time; they can rewrite the loan or defer payments. According to HomeSavers USA, a national crisis center, if you fall behind on your mortgage, remember the three C’s:
Communication
Do not avoid your mortgage company. Return their phone calls, describe what it was that caused you to miss payments. Suggest plans you can keep."It's common for homeowners to shut down communication. They screen calls and toss letters from the mortgage company. With many collectors calling each day, it's the only defense for some," says David Moakler, CEO at HomeSavers USA.
Cooperation
Provide them with the information they may need, w-2’s bank statements, medical receipts, letter of hardship. They must have information to choose the right plan for you. Pay plans vary and must be fit comfortably with your budget, or they are doomed.
Commitment
Show a serious desire to get, and stay caught up. Keep the property in good condition, do not move out of your home, and keep any promises you make to your lender.
Make a Plan.
If you are between jobs or have had your hours shortened, devise an emergency plan if you do not return to work in a timely manner. The plan should be a list of ways to raise cash, attic sale, family assistance, borrow from 401K. List expenses that you could live without for a while (cable tv, dining out, etc.) Turn in that pricey SUV, back to the dealer along with its high payment and insurance. Be honest about how you arrived in such a state.
Keep your head up.
Be encouraged. You need to think clearly and act on purpose. That’s how you became a homeowner in the first place. Remember? Keep hope. You can do it.
If you cannot find a solution, don’t rush off to file bankruptcy. Get help from a reputable housing counseling agency. many will contact your lender for you and design a workout plan to get you back on track. For more information visit www.homesaverusa.com.
Source: EMEDIAWIRE
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