Get help to keep the bank from taking your home. Don't do it alone. Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
Don't Let the Bank Take Your Home! Being faced with a foreclosure can be an extremely stressful and emotionally draining experience - to say the least...so if you find yourself in this situation, here are some steps for you to take to help save your home:
Step 1. Talk to Your Lender Immediately [Better to have Kramer and Kaslow do this for you] - Gather all of your Mortgage Documents and go through them. Write down your lender's phone number and your mortgage loan number. Take these and your coupon book or loan statement with you to the phone - it's important to have your loan number ready when you call...
Step 2. Ask for Your Lender's Loss Mitigation Department [Better to have Kramer and Kaslow do this for you]- After you are connected to Loss Mitigation, explain your financial situation and tell your lender why you are unable to make the monthly payment on your home.Most lenders are agreeable and want to work with you if you call promptly and explain to them what happened. For example: You may qualify for a "hardship" if you lost your job, are going through a divorce, have high medical bills, or have had a death in the family. Make sure you write down the person's name that you talked with, along with the date and time, for future reference.
Step 3. Inquire About a Loan Forbearance - Some lenders will consider this option, which means that you agree to pay part of the back payments you owe now, and the remaining balance is to be paid within a time period of the lenders choice, usually around six months. After this time period, you would again resume making your monthly mortgage payments. This option is used to buy yourself some time, so that hopefully you can get your financial situation straightened out.
Step 4. Ask About a Loan Modification - If a loan forbearance isn't an option, a loan modification might be a possibility. This means that your lender would be willing to change the terms of your mortgage permanently - such as your interest rate or monthly payment allowing you to be able to make payments that you can afford. The lender can even write off some of your balance in certain situations. This option is usually used with the "hardship" situation mentioned in Step 2.
Step 5. Consider a Loan Reinstatement - If it is possible for you to make up all of the back house payments you owe, including the mortgage company's fees, your loan can be reinstated and you continue to make your monthly mortgage payments. You may have to borrow money to do this, which would add another payment each month. If your financial situation is extremely strained already, this might not be an option.
Step 6. Ask About the FHA Secured Loan - If you had an Adjustable Rate Mortgage and you are in foreclosure because the loan amount adjusted so high that you can't afford to make your loan payments, consider the FHA Secured Loan. If you were current on your payments before the loan adjusted, you may qualify. You must have 3 percent equity in your home, or 3 percent in cash. You must also income qualify and the home will be appraised for value. Some lenders may forgive part of the loan to get the LTV (loan-to-value) needed if you meet the other qualifications that they require.
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