Are you behind in your monthly payments to your mortgage lender? Have you been constantly worrying because you are about to lose your home to foreclosure?
You can still save your home. According to financial professional Darren Lee, you can be behind in your mortgage loan payments by one or two months and still fend off foreclosure. Lee speaks from his experiences as mortgage specialist at Sioux Falls, South Dakota-based First Bank and Trust.
Go to your mortgage lender and ask for help. Describe to the lender your financial situation. Ask for the options available, and then consider them according to what you can really pay every month.
Do not procrastinate; delaying your meeting with your lender will not dissolve your loan. Sometimes, procrastinating would even divert whatever resources you have to things you wouldn’t have thought of if you prioritized a meeting with your lender.
But in case your home is foreclosed and then sold to another party, you can still keep your home by buying it back. Mortgage specialist Lee says that you have about half a year after an auction sale to buy back your repo home.
“But how can I buy it back when in the first place, I didn’t have the money to save it from foreclosure?” you ask. Again, the lender that you avoided to meet is the one that can help you. Lee says that the lender can use funds made available for cases like yours to buy back your home. You can then pay the lender back over a longer period of time at more affordable monthly payments.
But why go through the hassles and pain of foreclosure, auction, lender negotiations and buyback? The federal government has launched programs precisely to help homeowners like you who have been having difficulties in paying their monthly amortizations. Go to your lender and ask for the loan refinancing program called HOPE for Homeowners.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.