Foreclosure
Question
I need help in repairing mine and my husbands credit and getting out of a hole that unforseen circumstances got us into. We are hard working people but got into a slump that never ended til now. Now we are behind so far we are being threstened with forclosure and only a month behind. Can you help us?
Emily S.
Answer
Emily
I am so sorry to hear of the hard times you and your family are going through. It seems to be going around these days!
The number 1 thing you need to do is to save your house. Mortgage lenders these days are willing to work with borrowers that have fallen behind. With the rise in foreclosures, the last thing the banks want today is another vacant home on their books.
There are two programs that are common right now…
1) Loan Modification: This is where your current lender will give you a new interest rate and new monthly payment to your current loan.
2) Forbearance: This is where your current lender will tack the past due amount on to the end of your loan and you would stay making normal, current payments.
There are professional negotiators out there that can help you do this. Normally, these negotiators tend to be attorneys.
If you would like a free referral to one, please do not hesitate to call us @ 800-445-8540.
Thanks and Good Luck.
Candice
Tags: Ask Candice