You can stop foreclosure. You may have lost your job or just gotten behind on your bills. You may be dealing with a health issue or even be facing a number of other reasons why you simply can’t make your mortgage payment. When and if this happens to you, the worst thing that you can do is to simply not mail in a payment. What you have to do is to contact and work with your lender to find the solution that’s right for you. To keep your home out of foreclosure, you need to make decisions regarding your obligations.
Don’t Avoid The Lender
Many individuals make the mistake of not mailing in a payment. “What are they going to do,” you may think. The problem with this is as simple as the fact that they will start foreclosure within one to two months of non payment. If you don’t contact them as soon as you know that you can’t make your payment, chances are good that they will start this process as soon as you begin missing payments. But, chances are good that they will work with you if you do contact them.
If you are receiving notices from your lender in the mail, chances are good that they are already considering the foreclosure measures they will need to take. If you do get a notice, receive an email or are contacted by phone from your lender, talk to them. Tell them what is happening and why you can’t make your monthly payment. Tell them of what means you are working on to get a payment to them quickly. Perhaps you are working extra hours, looking for a part time job or will have the funds in a week. Tell them these things, even if they don’t call you.
When you work with your lender, chances are good that you’ll find a solution. They may be able to help you through the problem using forbearance or simply accepting smaller payments until you get back on track. Going this route gives your lender the information they need to know that you simply are not going to pay back your debt and it helps you to find a solution to an otherwise very troublesome situation. You can stop foreclosure from happening by simply working with your lender on the situation in the first place.