Are you concerned about losing your home?

If you are concerned about losing your home, read below:

Times are trying right now with layoffs, wages being cut, companies cutting staff and a variety of other factors we are all in some shape or form being hit with. Foreclosures are once again inching their way up and if at all possible, you want to save your home.

Below is some information I hope you find useful. Please feel free to pass this blog to others you feel would benefit. Ann Marie


REGARDING PRE-FORECLOSURE WORK OUTS

Many of the servicing lenders are offering “forbearance” on their loans to borrowers that are in trouble. No one wants a foreclosure so if you are in trouble- contact your lender IMMEDIATELY and ask to speak to someone about “forbearance”. If you can show reasons for the delinquency (laid off from work, medical or some cause that is not permanent) the lender may consider waiving your payment for a few months and adding them to the end of the loan. This gives you time to find another job, recover from an illness or whatever needs to be done to get back on track.

A representative from FNMA stated they have seen this happen numerous times over the last few months and it has saved homes. If you have a government loan (FHA or VA) and the servicing lender is not cooperative, then you should contact FHA or VA directly and see if they can get help that way. Both agencies have counselors and can sometimes work out a solution with the lender.

Just remaining silent or quietly giving up your home is not the answer. If you can show good cause, most of the lenders are willing to work with you.