The mortgage foreclosure process will begin right after you miss your first payment. You may not hear from the mortgage company right away, but you will soon. If you are late with your mortgage payment you probably also late on some other payments as well.
Some of your credit may be secured, such as your car or house and some unsecured. Also known as signature loans or credit cards. They pretty much the same, except on secured loans the creditor can collect the collateral. Have you ever had a car repo’ed?
If your ability to pay is about to change or has changed it is imperative you contact your creditors immediately if not sooner and explain your situation to them, in writing. Now is the time for crying in your beer or blaming your boss for a pay cut or a lay off. Just the facts sir. Your situation is changed, and this is what you can do and when you can do it. Short one page and direct to the point.
Crying is not good. Have plan made up to present to them and confident in your proposal and ability to recover or to maintain whatever it is your are presenting.
Talking with the mortgage holder about what you can do will get you big mileage when it comes to slowing down the bank foreclosure process.
You do not want to discuss your plans over the phone. Keep all communication in writing and keep copies for future reference if needed. People often misunderstand what is said in phone conversations. Simply tell them you will gladly answer any questions they have. Just send you a latter and you will answer them that way. Be polite but firm.
One of the first thing you will notice is how popular you are if you do not contact the creditor right from the start. You will probably find your phone ringing off the hook in a very short while.
You will find they are also really great at asking questions. Like, “Why are you late with your payment?” “When will you be able to catch it up?” “What is the problem you cannot pay?” It almost make you feel like your are back in school in the principals office and you are being chided because you pulled the girls pig tails who sat in front of you. It is not a very comfortable place to be.
We have all been taught in school to answer when asked a question. Now is not the time to answer questions. Now is the time to ask questions. Or at least to not volunteer any information. Remember, keep your communicating in letter form.
If you are in danger or think you are in danger of your home going into foreclosure you need to get help with foreclosure to protect your most valuable asset.
If you are and have been communicating with the creditors from the beginning you should not have any problem with collection agencies. These hired guns are not usually called until the creditor has given up on you. You want to keep it this way. In the mean time, get and become familiar with the Fair Debt Collection Act. It will prove to be of big help when dealing with the hired thugs if it ever comes down to that.
However, in regards to a mortgage you will probably be dealing directly with the mortgage holder, not some third party flunky. To stop the mortgage foreclosure process you will be dealing with a horse of a different color. This should be your first and primary concern as it is your home, unless you have already made the decision to let the home go to foreclosure.
Get timely tips about forex investment – welcome to your individual knowledge base.
Mail this post