You can barely turn on the tv or read the news without hearing about how bad homeowners have it these days. Whether its due to the loss of a job and high interest rate loans, the picture sounds pretty grim. So what do you do if you fall behind? The first step is to contact your lender and let them know what's going on. This isn't something you want to do if you fall behind but there are more options than you know. Countrywide recently agreed to modify the loan terms of tens of thousands of homeowners facing foreclosure. I'd love to think that Countrywide did this from the kindness of its heart but the reality is that foreclosure is very expensive for the lender. The lender incurs the cost of lost mortgage payments, fees associated with foreclosure process, decline or damage to the property, and more. The list goes on and on.
Its more advantageous for them to modify your loan so that you have a payment you can afford rather than go through the foreclosure process. This means your adjustable rate loan may become a fixed rate loan or your 15 year fixed loan may become a 30 year fixed loan. If you think this is an option for you, you should know that your lender will want to verify how much you can actually pay. They will likely want to see your recent pay stubs, bank statements, tax returns, and a hardship letter explaining how you got into your current situation. Feel free to send me an email if you'd like more information c_lusby@kw.com
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