What can the average person do when he finds himself in financial trouble and the mortgage is due? With the current housing market crisis, a lot of homeowners are facing that question. As one might imagine, losing a home is not only financially destructive but also emotionally difficult. No one wants to lose their home, but what can you do if you are unable to make your mortgage payment?
There is some good news on this front. First of all, homeowners should understand that banks and mortgage lenders do not want to foreclose on a property. Foreclosure is often more costly than it is profitable. In addition to the initial costs, the banks and lenders become landlords and they do not want that burden either. If there is a way that they can help you keep your home, they are usually happy to work with you.
If a homeowner falls behind on payments, most lenders will work with the owner to bring the loan up to date. Doing that, however, requires that the owner stay in contact with the lender and do his or her part as well.
Most lenders will agree to work with homeowners who have shown diligence in the past in paying their bills. Homeowners who have been late with...
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