| If you find yourself getting dangerously close to | | | | on the payments. |
| being foreclosed on, there are solutions for you to | | | | A request can also be made to the lending |
| consider before you have to suffer the agony | | | | institution to have the terms of the loan be |
| that housing foreclosure can have on your family. | | | | adjusted so that easier payments can be made. |
| The legal options that are available are a much | | | | This differs from a mortgage refinancing in that |
| better alternative to letting your house be | | | | people who decide to go this route have usually |
| foreclosed and then leaving the property. Not only | | | | been delinquent on their payments for a period |
| will your credit be destroyed, but you will also | | | | longer than 60 days. Therefore, mortgage |
| have to deal with harassing calls from the bank or | | | | refinancing or the adoption of a second mortgage |
| lending institution that provided you with the loan | | | | is really no longer an option. As was the case with |
| in the first place. | | | | the repayment play, the application for loan |
| Your lending facility might afford you the | | | | adjustment will need to be accompanied by a |
| opportunity to enroll in a repayment plan whereby | | | | signed statement which informs the lender the |
| you gradually pay back the amount you owe | | | | reason that the mortgage is not being paid. It will |
| along with your regular monthly payment. This | | | | have to be approved before any modification |
| allows to keep your house and the equity that | | | | takes place, and your payments will be monitored |
| you have been building while helping you get out | | | | very closely by the bank. |
| of your current debt that is owed. By paying | | | | Foreclosure can be a devastating experience for |
| small amounts each month towards what you | | | | any to have to go through. It doesn't mean, |
| owe, you will slowly see a reduction in the amount | | | | however, that you do not have options. By |
| of overdue funds that the bank is entitled to. The | | | | openly communicating with the lender about the |
| lender will more than likely ask you to prove your | | | | reasons why payment has been late, you can |
| current level of income with pay stubs or income | | | | avoid an embarrassing situation for both you and |
| tax documents in order to assess if you are likely | | | | your family. Banks will usually try to work with |
| to be able to make your total monthly payment. | | | | you, as they want the loan repaid just as badly |
| They will also be expecting an explanation as to | | | | as you do. By working out a potential solution, |
| why you have fallen behind on your mortgage. | | | | you are taking the first step in saving yourself |
| You will have to relate to them the difficulties that | | | | from the foreclosure process. |
| you were experiencing that led you to fall behind | | | | |