A loss of a job,death in family, medical expenses and other life-altering situations can happen to anyone, causing us to fall behind in our mortgage loan payments. If we neglect paying our credit cards it hurts our credit rating; if we neglect our home loan payments
lender will foreclose, and repossess our home. We are often embarrassed to talk about our money problems, but that approach doesn't solve anything. Put your pride on hold and get serious about avoiding foreclosure.Contact your lender as soon as you know your payments will be late. Never ignore lender's letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.
Below are Solutions for Temporary Problems
1.Reinstatement When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.
2.Forbearance You are allowed to delay payments for a short period, with understanding that another option will be used afterwards to bring account current. Lenders sometimes combine Forbearance with Reinstatement if you know you'll have funds to bring your account current by a specific date. 3.A Repayment Plan If your account is past due, but you can now make payments, lender may agree to let you catch up by adding a portion of past due amount to each currentmonthly payment until your account is current.
