Behind on your mortgage...What should I do? Please read

By
Real Estate Broker/Owner with American Homes of S.I.

BEHIND ON YOUR MORTGAGE?

THIS PAST WEEK WE MET WITH SEVERAL FAMILIES THAT ARE HAVING CHALLENGES ISTAYING CURRENT WITH THEIR MORTGAGE PAYMENTS.ONE FAMILY IN PARTICULAR IS  10 MONTHS IN ARREARS AND HAVE A PENDING AUCTION DATE IN THE NEXT 2 WEEKS. ONCE YOU FALL BEHIND 3 MONTHS, FORECLOSURE PROCEEDINGS WILL  BEGIN. HERE ARE SOME DO'S AND DON'TS.

 WHEN YOU MISS YOUR PAYMENTS ,FORECLOSURE MAY OCCUR.THIS MEANS THE LENDER MAY REPOSSESS YOUR HOME.ONCE THE HOUSE IS SOLD AT AUCTION YOU WILL HAVE TO MOVE OUT.IF THE HOUSE IS SOLD FOR LESS THAN THE MORTGAGE AMOUNT YOU MAY ALSO BE HELD LIABLE FOR THE DIFFERENCE.MONTHS PRIOR TO AN AUCTION YOU WILL RECEIVE LETTERS FROM YOUR LENDER INDICATING YOU ARE IN ARREARS.DO NOT IGNORE THESE LETTERS!!!  IMMEDIATELY CONTACT THE LENDER TO DISCUSS YOUR SITUATION AND OPTIONS.

SOME OF THE ALTERNATIVES YOU MIGHT HAVE :

1.MORTGAGE MODIFICATION,

THIS OPTION WILL ENABLE YOU TO REFINANCE YOUR CURRENT LOAN ,POSSIBLY EXTEND THE YEARS TO LOWER YOUR  PAYMENTS TO A MORE AFFORDABLE AMOUNT.

2.SPECIAL FORBEARANCE:

THIS OPTION BASED ON YOUR FINANCIAL SITUATION MAY PROVIDE FOR A TEMPORARY REDUCTION OR EVEN A SUSPENSION IN PAYMENTS FOR A DESIGNATED PERIOD OF TIME.

 

3.PRE-FORECLOSURE SALE:

IF A WORK OUT CAN NOT BE HAD THEN SELLING MAY BE THE SOLUTION.AT A PRE-FORECLOSURE SALE THE LENDER MAY EXCEPT LESS THAN THE AMOUNT OWED..COMMONLY KNOWN AS A SHORT SALE.

 

4.DEED IN LIEU OF FORECLOSURE:

ONLY AS A LAST RESORT !!!! THIS MEANS YOU ARE VOLUNTARILY GIVING BACK YOUR HOUSE TO THE LENDER. YOU WILL STILL NEED TO MOVE ,BUT IT IS LESS DAMAGING TO YOUR CREDIT.

 

BEWARE OF THE PREDATORS THAT LURK ONCE YOU HEAD INTO FORECLOSURE:

NEVER SIGN ANY DOCUMENTS YOU ARE UNAWARE OF WITHOUT SPEAKING TO AN ATTORNEY.

MAKE SURE ANY AGREEMENTS REACHED ARE IN WRITING

BEWARE OF ANY SALE INVLOVING A LOAN  ASSUMPTION WITHOUT BEING RELEASED FROM YOUR OBLIGATIONS.

IT'S DIFFICULT LOSING A HOME.THERE ARE TIMES THAT CIRCUMSTANCES LEAVE US WITHOUT CHOICE. BEFORE YOU LET YOUR HOUSE GO AND WALK AWAY EMPTY HANDED,CONTACT A KNOWLEDGABLE REAL ESTATE BROKER .YOU MAY BE ABLE TO SELL AND SAVE THE EQUITY YOU HAVE IN THE PROPERTY.

OUR OFFICE HAS SHORT SALE AND PREFORECLOSURE SPECIALISTS.SOMETIMES A SIMPLE PHONE CALL CAN HELP  CHANGE  DIRECTION .PLEASE CONTACT US TODAY.REGARDS,RON MOLCHO..MANAGING BROKER @AMERICAN HOMES OF S.I.  718-981-3400

 

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