Foreclosure usually follows after you default on your mortgage payment for a period of 2 to 6 months. Due to economic crises, homeowners find it hard to keep up with their mortgage payment and thereby leading to foreclosure. There are other reasons why homeowners default on their payments:
- Job loss
- Medical emergencies
- Death of a spouse
- Divorce or separation
- Medical debt
You’re not alone in this challenge and not helpless. Different channels open to you with their various offers to help you stop foreclosure on your home. There are three main channels, and here are the offers they render:
Your lender
Your lender is aware that circumstances happen beyond our control that makes it hard to stay on track with your mortgage payment. However, your lender needs to know that you have what it takes to end the hardship and resume your payment. Depending on your situation, your lender will discuss loss mitigation with you and stop the foreclosure process immediately you reach a conclusion. Some of the most common offers rendered by lenders are; loan modification, refinancing, forbearance agreement, reduction in the monthly payment, and a lot more. Contact your lender as soon as possible to find out how they can help you.
Government
The federal, state, and local governments have made available different programs to help homeowners struggle with their mortgage payments. The Housing and Urban Development department has a website from which you can find out which of the programs is available in your state and how to apply for it. The offers include; free information, counseling session, a mediator to help you negotiate a loan modification, free legal advice, grants, and a lot more.
Non-governmental organizations
Various charity programs focus on helping homeowners facing financial difficulties with their mortgage payment. Find out about such organizations in your state and what is required to qualify for their help. Depending on your situation, some can help you pay off your mortgage. It is an opportunity you do not want to miss.
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