In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind.  In light of today’s mortgage crisis, most lenders would rather take a proactive stance and decrease their loan losses. Homeowners who are not late but foresee missing payments should communicate this to their lenders as soon as possible. They are more willing than ever to work with homeowners to avoid being late. If you or someone you care about has missed mortgage payments or may do so in the near future, I can help navigate the process and put you back on a path to financial stability.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

  • 30 Days Late: The lender will attempt phone contact or send a notice in the mail.
  • 60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.
  • 90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.
  • 120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

Contact me today and alleviate the stress that comes with unaffordable mortgage payments.