If you are facing unemployment or have financial issues, you may be able to keep your home, if you take the right steps. Many people avoid calling their lender when they have financial difficulties. Most of us are embarrassed or believe that if the lender knows we are in trouble, they will rush to foreclose.
Don’t be afraid to contact your lender to discuss your circumstances as soon as you are unable to make your monthly payment. The sooner you call, the sooner help is available. Some remedies are only available in the early phase of delinquency. Lenders are willing to work with you and provide options to help you keep your home. These options work best when your loan is only one or two payments behind. The further behind you are with your payments, fewer options will be available.
First and foremost, if you can keep your mortgage current, do so. Seek credit counseling, trim expenses and give up extra unneeded expenses and activities. If you find that you can no longer afford to keep your home, your lender will usually agree to give you a specific amount of time to find a purchaser. You will be expected to obtain the services of a real estate professional who can aggressively market the property.
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