ARE YOU LATE ON YOUR MORTGAGE PAYMENTS?
Here are the steps you need to take to avoid losing your home in a foreclosure:
1. Realize that your mortgage lender does not want your home. Foreclosure costs the lender significant money.
2. Communicate with your mortgage lender as soon as possible. If you don't let the lender know you have a problem the assumption is that foreclosure is the lender's only option.
3. Be aggressive. The more proactive you can be, the better.
4. Try to form a relationship with one workout person at your lender. This will serve you well.
5. Be open. Let the lender know how you got to where you are and what the plan is to correct the problem.
6. If paperwork and documents are needed complete it quickly and fully and send it to the lender by certified mail so you know it was received.
7. If you can't work out a modification can the house be sold? Most lenders will be open to a short sale to avoid foreclosure.
8. If you are behind you can file a Chapter 13 Bankruptcy Petition to pay arrears, stop a foreclosure and possibly discharge unsecured debts.
9. If you find yourself in these circumstances, contact Peterson & Peterson to schedule a free initial consultation.