Are worries about foreclosure keeping you awake at night? If you’re struggling to make your mortgage payment, you’re not alone. There are many who never expected to find themselves in the of struggling to make their monthly mortgage.
As of June, 2019, almost 50 million Americans are facing foreclosure in the U.S. The foreclosure process is expensive and time-consuming. In most cases, neither the bank nor the homeowner wants to go through the foreclosure process. If you want to stop foreclosure, you have options.
If you are more than 30 days late with your mortgage payment, you will receive a late notice from your lender. This notice will likely have a late fee charged to your account. The lender will also notify the credit-reporting agencies and your credit will take a huge hit. Just one past due payment can jeopardize your ability to qualify for future credit.
There may be other default-related charges. Your mortgage company holds the deed to your home and as it is technically their property until you pay the mortgage in full. If you don’t make your payments, they can use many options to safe-guard their investment.
If you want to stop foreclosure, you will need to be proactive. There are several steps you can take to avoid foreclosure and save your home. These options take effort, sacrifice, and knowledge on your part.
Despite being the legal owner of your home, you may be surprised to know that your lender does not want you to default on your home loan. It may seem that they do, when you start receiving past due notices and phone calls, but in most cases, the bank wants you to pay your mortgage or bring it up-to-date.
Options to consider when you are behind on your mortgage include:
Facing foreclosure is not easy. You should remember that you always have options and there are people who can help you sort through the tangle of late payments, statements, and phone calls. For additional information to help you stop foreclosure, you can visit the FTC’s consumer information site.