There are many situations that can occur in life which can in turn lead to an individual or family falling behind on their mortgage. This post will continue the conversation that we began in Part 1 to give you some more pointers on how to deal with the uncomfortable and scary situation that is possible foreclosure on one’s home. Foreclosure has become a significant problem for many families recently who were once solidly middle class. High interest rates, ill-considered refinancing, and job losses during the recession have all been significant contributors to this crisis.
It is worth reiterating that you should always consult an attorney or other qualified professional for advice and mediation as quickly as possible when you find yourself in this type of situation. Do not under any circumstances try to talk to your lender on your own. Never ever agree to anything without first consulting an attorney or other professional.
Once you have initiated the process of trying to get back on top of your mortgage, there are a number of things that you should do. First, get all of your old financial records together. Next, you need to start taking a detailed accounting of all the money in and out of your household. Put together all of your bills and documents relating to every aspect of your income and expenses. You should also learn to tell the story of your situation easy and quickly for when you talk to people about your mortgage delinquency.
Remember to decide what you want, based on your situation, and how to ask for it. This is where your advice professional will be very helpful. Please don’t forget to consult with them at this point. Always be persistent when talking to your bank or mortgage provider. Get through the collections department and try to talk to people in the loss mitigation department. Those are the people that can actually work with you. Again, your attorney can be very helpful when it comes to pushing through to the loss mitigation people, so don’t forget to use them.
Good luck! Remember, you don’t have to foreclose your house if you don’t want to!
