Sticking your head in the sand when you know you can’t make your mortgage payment is a bad idea. Talk to your lender to see what adjustments or temporary concessions they can make until you get over the bump in the road.
Foreclosure Help – Keller TX: Sometimes when things become inevitable or overwhelming we tend to stick our heads in the sand. One time when that is the worst you can do is when the bank is calling you about your mortgage payments. Never ignore their calls or letters, as they have the power to remove you and your family from your home and it won’t be pleasant. It never is. Your spouse will be upset, the kids will be upset, and even the dog may be rebelling.
Lenders are on a mission these days to do what they can to remedy the mortgage crisis. They also have a legal obligation to take specific steps on a specific timeline if you get behind on your house payments. The fact that your son fell out of a tree last month and broke his arm might have put you behind a bit. You expect to recover soon, just as his arm will heal with time, but the bank doesn’t know that unless you tell them. They can only make an assumption that your situation is financially impossible and that they will have to tell their investors you can’t make good on the loan you took out. It puts everyone involved in an unfavorable position.
Lenders are legally obligated to their investors to keep the repayment of the loan rolling.
If they were to be informed of your temporary situation, however, they might be able to hold off on proceedings and wait for you to catch up. Talking to them when they call or send a letter is the best policy. In fact, the very best way to handle these things is to call the bank before they call you. If you see a difficult month coming up that can’t be helped, let them know. They may be able to make an adjustment to your loan to place the next month’s payment at the end of the loan period. They may ask that you pay a double payment next month to catch up.
Whatever the arrangement is, it will be far better than sticking your head in the sand and hoping it will blow over. Lenders are legally obligated to their investors to keep the repayment of the loan rolling. They will most likely be interested in making an arrangement with you to keep you both out of hot water. You will also be doing your credit a favor. They may not report your late payment if you make an alternate arrangement for a temporary setback if you ask. It doesn’t always work with every lender, but it doesn’t hurt to try.