A national survey recently by the Mortgage Banks Association found that almost 50% of the people who have lost their homes to foreclosure never once contacted their lender.
That is probably the worst error a homeowner can make when they are having trouble making their mortgage payment.
There are scads of programs out there to help distressed homeowners work out SOLUTIONS to their payment program. Here are a couple ...
- Guide to Avoiding Foreclosure (U.S. Department of Housing and Urban Development)
- The HOPE NOW Alliance and the Homeowner’s HOPE Hotline (1-888-995-HOPE)
If you know anyone who is in mortgage trouble or is heading in that direction, have them look at the two links above or at least call their mortgage lender.
Help is available.
Richard
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Thanks for joining in the discussion.
Richard