If you a just starting to become behind on your mortgage, it may be best to consider a forbearance, loan modification, or short sale. This list of options is not to be a complete list of options but an example of commonly used strategies. Often several strategies can be used simultaneously. Contact us for a Free Consultation.
Forbearance is an option where the lender allows you to make up the arrearages in a short re-payment plan. Often the lender will require that you not only make up the past due mortgage payments over the next few months but also pre-pay insurance and taxes for next year. In many cases this may add great expense or double your monthly mortgage payment. But it can bring your account back to good standing.
Until your account is in good standing, the lender has the right to proceed to foreclosure. While you are behind on your mortgage payments, you may want to monitor your counties foreclosure lists