Mortgages and Loans Q&A
Q: My husband lost his job and we’re falling behind on our mortgage payments and worried about losing our house. How can we avoid foreclosure?
A: Don’t panic; right now, millions of other Americans are in the same boat. The first thing you need to do is talk to your lender, specifically the loan modification department. Be prepared to show financial documentation about your financial situation so that they can work out an affordable payment. Explain why you haven’t been able to keep up with the payments, and they may suggest a loan modification.
If the lender is unwilling or unable to help, there are third party loan modification companies and a government sponsored agency that works with homeowners on loan modification. If you take this route, do your due diligence, just as you would finding a realtor or mortgage broker, since some are more scrupulous and helpful than others.
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