WHAT DO I DO IF I CAN'T PAY MY MORTGAGE ?

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After talking to many Aidmates with mortgage challenges , I decided to start working on solutions , so .......... 

 

 

These are hard times for many people. It isn’t something that the government can ignore much longer. People are getting impatient and desparate from being unable to pay for health issues, transportation, food, housing, clothes, and much more. When people get desperate, many will start rebelling and trying to find ANY alternative to stop the pain. One of the major questions by those of us that are in dire straights in this country is: 

 How do I pay my mortgage? I can’t lose my house!

 

FIRST , ALWAYS STAY IN CONTACT , NO MATTER WHAT

Where do you go first ? To your lender.  Explain your situation . .

Explain your situation even if it may not make a difference. Unfortunately , the lenders want all of the money  and they have heard so many stories about hardship that they are immune to most of them.In explaining the situation you are still showing that you care about your mortgage and your credit and you are trying to be responsible.

TIP : When talking to anybody about your mortgage situation always get their name( first name) . Write down when you talked to them (what time of day and day of the week . This way supervisors know who was working) . If they give you trouble , ask the name of the supervisor and write that down too. Quite often , when you ask someone's name , they become more responsible for their actions(and remember you out of the thousands of other people who are contacting them)

So ... What are we supposed to do ? Those of us who truly care about our credit and want to do what is right , but because of circumstances just can't make it this month , or the next ....?

 Put the reasons/circumstances in writing and make sure that the letter gets in your records.Send a copy to the mortgage company. It will make you feel better that you did so and if a kind soul in the mortgage business ( there are some , right ?!?) sees that you made an effort, you will have a small gold star in your favor ! Having your circumstances and records in order and on paper will pay off in the long run .

SECOND ?

Network and get some resources . Here is a start :

Try the

 

The following is information that I will eventually organize better as I add more .

 

 QUESTIONS TO ANSWER Here are some ideas :   Mortgage Payment ProblemsMortgage Payment Problems: What If You Can't Pay?Can Mortgage Borrowers Facing Hardship Stop Paying?What Happens When You Skip a Mortgage Payment?When you’re Mortgage Lender Goes BankruptCan a Mortgage Lender Profit From Foreclosure?Will a New Mortgage From a "Friend" Save His House?What Is a 30-Day Delinquency?Preparing For Retirement by Reducing the PaymentARM Borrowers Facing a Large Rate ResetStop Mortgage Payments If You Plan to Sell?Mortgage Loan Modifications

More ideas for questions :

 

 

 

links :

http://www.mtgprofessor.com/A%20-%20Payment%20Problems/what_should_you_do_when_you_can't_pay.htm

http://www.themortgageskinny.com/quick-tips/what-to-do-if-you-cant-make-your-monthly-payments/

 

http://portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL

 

Non profit Mortage Crisis Resource Center :

http://www.housinghelpnow.org/

 

Low Income Housing Coalition contact your congressman and their constiuent cas worker information and contact information for all states.

http://www.nlihc.org/resources/looking.cfm

 

 

 

solutions :

 

When you cannot make a mortgage payment when it is due, it is a significant problem, indeed. When payments are not made on a home mortgage, the lender has the ability to foreclose. Foreclosure means not only loss of shelter, but also loss of an investment and home equity. A potential foreclosure problem should be given top priority ahead of other financial obligations. Mortgage payments should be high-priority debt because the mortgage company is generally the only creditor that can foreclose and take your home. If you can’t pay all of your current bills, pay the mortgage first, after paying for food and utilities.

If you are unable to pay the mortgage payment, ask the lender if they will agree to a 'workout'. This is a temporary or permanent change to your mortgage terms. This approach is beneficial, as it allows you to restart your mortgage payments. Not all workout proposals will be accepted, but it is worthwhile suggesting to the lender. Examples of 'workout' programs include, repayment agreements where you get caught up over time and loan modifications where monthly payments are changed without changing the total debt.

Be prepared to provide proof of monthly income and expenses, as well as recent tax returns when you suggest a'workout' plan."

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REFERENCES :

http://www.allaboutforms.com/index.cfm?index=forms122a&topic=99&form_topic=Collections&cfid=956337&cftoken=56&faq_id=36