The difference between staying in your home and losing it could be one phone call away. People don't realize lenders want to help them.They don't want to take your home.
A recent article in USA Today stated that 58 percent of homeowners who are facing foreclosure don't ask their lenders for help.
That's a big mistake. What people don't realize, is that the bank doesn't want to take your house any more than you want to lose it. If you find yourself a month or two behind on your payments, contact your loan servicer. You'd be surprised at how eager they are to help. The mortgage holder might be able to extend your payments, put you in touch with a counseling service, and possibly refinance.
I've written a lot about how important it is to negotiate with your credit card company to lower interest rates. The same holds true with a mortgage lender. Banks are not in the real estate business and they would like to keep it that way. So stay in contact with your lender, even if your mortgage has been sold several times. And don't wait until you get so far behind that foreclosure is looming. Even after one late or missed payment, contact your lender and come up with a plan you both can live with.
