Foreclosures continue to be a problem for millions of people across the United States. Homeowners are often very scared and embarrassed about being faced with a foreclosure. Being scared and embarrassed usually leads homeowners to make bad decisions. A foreclosure isn’t always the only option for you. Take heed to the following information in order to have a better chance of keeping your home.
Whatever you do, don’t ignore the problem or try to hide from it. Often times homeowners go months without paying their mortgage, and simply ignore the emails and phone calls they receive from their lenders. Your lender isn’t calling to scold you for not paying, nor are they going to threaten you for not doing so. Lenders are calling you because they’re concerned and want to work towards a solution, rather than deal with a Foreclosure Defense Attorney in Suffolk County NY in the future.
Before you decide to speak with your lender make sure all of your information is in order. If you haven’t been paying your mortgage, your lender wants to know why. Are you still receiving income or are you suddenly unemployed? Did a recent unexpected expense cause you to miss a mortgage payment? Make sure you have an answer for you lender, and make sure you’re ready to provide detailed information about your current financial situation.
There will be no need to hire a Foreclosure Defense Attorney in Suffolk County NY, or go to court, as long as you’re willing to cooperate. Lenders are willing to provide you with very helpful options in order avoid foreclosing on your home. For instance, your lender may be willing to temporarily reduce or suspend your monthly payments for a few months to help you get back on track. If that’s not enough, some lenders will go as far as modifying the terms of your loan entirely to meet your current financial situation. However, these things can only be done if you’re willing to work with your lender.
Consider these tips if you’re having trouble with your mortgage payments. Again, focus on communicating and working with your lender. Your lender has options you can utilize in order to get back on track. If all else fails, you may want to consult with Jeff H. Morgenstern, PLLC for legal assistance.
