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With
the number of foreclosures skyrocketing, programs
developed and implemented by lenders in recent months
may serve to help you avoid this drastic outcome and
help you hold onto your most important and cherished
investment.
The loss of a job, decreased household income or death
can lead to a situation where you are suddenly
confronted with having to struggle with paying your
monthly bills and putting food on the table.
The most important thing to do in this situation is to
reach out for help. Doing nothing or hoping for a
solution you know will never materialize will only make
matters worse.
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Your mortgage is probably you biggest monthly expense
and you may be eligible for a number of alternatives to
help you address your delinquent mortgage payments.
Lower interest rates, extending the actual term of your
mortgage, waiving late payment fees and penalties and
“rolling” your outstanding arrears back into your loan’s
principal are just some of the ways you can get yourself
back on track. |
Our office will work with you and your lender every step
of the way. We’ll help you understand your monthly
finances and how lenders look at them when determining
what programs they might offer you. We’ll work with you
towards a reasonable and realistic budget. By helping
you to understand your home’s “loan to value ratio” and
“debt ratio” and helping you prepare and draft the
all-important “hardship letter” and avoid the effect of
“payment shock”, our office can assist in putting the
fear of losing your home behind you.
A new federal Stimulus Plan with its programs designed
to provide direct support to homeowners facing possible
foreclosure has been implemented. Calls us today to find
out how these programs can be put to work for you.
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