If you are facing foreclosure, you may feel like your life is falling apart. However, it is not the end of the world. Some lenders try to work with people in order to keep them in their home. The truth is that it costs the lender a lot of money when a house gets foreclosed on so they will sometimes discuss different options.
Here are some options that you might be able to discuss with your lender if you are facing foreclosure.
- Fix an adjustable interest rate, making the monthly mortgage payment more affordable. Adjustable interest rates can really make your payments fluctuate month to month. By keeping it the same, you will know exactly how much you owe every month.
- Stop a few payments now and adding them to the end of your loan. Though you might have to pay for another year or two, this might really help you get caught up on all of your bills so that you can pay a monthly mortgage payment.
- If you are late on several payments, nothing is more stressful than watching the amount due continue to rise. You may be able to see if your lender can take that money that you owe and add it into your loan. This helps to split the payments up, making it more affordable.
- If the payments are too high (but you can pay part of it), you might want to see if you can change the length of your loan or even the interest rate. Small changes in either the length or the interest rate can make big differences.
- Some mortgage companies will allow you to transfer your home to someone else who takes over your mortgage payment.
Though not every mortgage company is able to work with you, it never hurts to ask. They really don’t want the expense of a foreclosed home so it might be your lucky day!
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