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Foreclosure Tips |
Foreclosure Warnings
Foreclosure! Ten Ways to Save Your Home
Contact Your Lender
LowerMyBills.com
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Contact your lender immediately
If you can't make your full monthly payment.
Don't wait for a letter from the bank, and certainly don't ignore their
correspondence. Lenders generally don't want to foreclose on properties, and
they'll generally be willing to work with you if you make a good-faith
effort to make payments and if your inability to do so is temporary.
You will most likely need to provide the lender with
bank statements and other financial documents so that they can review your
financial situation. They may agree to extend your grace period for late
payments or to allow you to skip anywhere from 1-6 payments over a 1-2 year
period (a forbearance).
Your lender might also accept reduced
payments for up to 18 months. Bear in mind that these remedies are all
temporary, and you'll need to "play catch-up" once you're back on your feet.
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Foreclosure Tips |
Foreclosure Warnings |
Learn more about the Hope for
Homeowner's Act
This article is a general guide only and is not
intended to replace professional, legal or financial advice.
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