Mortgage relief options are available, but many people are unable to secure the help they need. Although the stubbornness of lenders was once to blame efforts have been made to open up lending practices and better assist homeowners. So why are so many people going without help and ending up in foreclosure?
One big reason that some homeowners fall into foreclosure or mortgage debt unnecessarily is failure to act in time. Many people wait until they have missed a mortgage payment or have received a foreclosure notice before taking steps to remedy the problem. When it comes to a secured debt like a mortgage, there is no time to be wasted in protecting the asset from liquidation.
You can’t expect a lender to be willing to offer a loan modification or refinancing solution once payments have been missed and delinquency fees set in. At this point, the lender is taking an even bigger risk by offering help. In order to maximize the chances of finding adequate mortgage relief, do the following:
- Contact your lender at the first sign of financial trouble.
- Be open about your financial hardship.
- Provide documentation to back up your financial hardship.
- Suggest possible plans of action for resolving mortgage debt issues.
- Offer to set up an automatic payment draft for your modified mortgage payment.
- Contact a foreclosure lawyer or seek help through one of several federal mortgage relief programs.