Like so many others in this economic downturn, have circumstances caused you to become unable to pay your monthly mortgage? Is your lender making ugly foreclosure noises?
Did lack of income due to unemployment, leave of absence or loss of funds cause this situation? For many people, this state of affairs is temporary. If you have been able to jump start your cash flow again through other means, now is the time to approach your lender about a repayment plan.
Hector Milla Editor of the “Best Loan Modification Companies” website — https://www.BestLoanModificationCompanies.com — pointed out;
“…Many banks and mortgage companies will be willing to negotiate a plan which will allow you to reinstate a delinquent mortgage without having to come up with all the arrearage monies up front. A down payment will be required, usually about half of the total amount in arrears plus any legal fees already incurred by the lender…”
Thereafter, you and your lender will formulate an agreement by which you will make additional payments to your regular monthly mortgage payments until the arrearage is paid in full. This will mean that the terms of your original mortgage will not change. Perhaps more importantly, this will also mean that your credit score will remain in tact.
If you think your financial situation is resolved to the extent that you can swing this type of arrangement, by all means do not hesitate to speak to your lender. Most of them have less interest in foreclosure proceedings than you do because this will mean a loss of money for them in most cases. At a foreclosure auction, the lender will usually bid the total outstanding loan amount on the property. If this is a large amount, they will often not be outbid. They will then take title to a property which may be worth less at market value. This situation is what most lenders want to avoid, making them quite receptive to your offer to negotiate a repayment plan.
“…You will be offering a happy resolution for both parties; a win – win scenario. By squeezing this additional money out of your budget every month, you’ll be able to stay in your home and rescue your credit…” H. Milla added.
Further information about how to get professional assistance with a mortgage loan modification by https://www.BestLoanModificationCompanies.com