If you’ve missed mortgage payments or you’re anticipating difficulties moving forward, you should always deal with this as early as possible. Periods of financial difficulty are not uncommon and there are several options available to avoid an ultimate foreclosure.
Deciding which route is most suitable depends on the nature of the issue and whether the problems are temporary or if financial hardship is likely to persist, and your mortgage agent can help advise you.
When most people buy a home, they have every intention of fulfilling their mortgage obligations. But, when faced with major events such as job loss, reduced wages, separation or divorce, disability or illness, the ability to make mortgage payments in full and on time can become difficult. And when missed payments become too far gone, the mortgage will fall into a state of default, forcing homeowners to forfeit all rights to the home. This is known as a foreclosure.
A lengthy and costly process, a mortgage foreclosure should be avoided whenever possible. Most lenders are willing to work with homeowners who encounter financial difficulty, so it’s best to try and resolve issues before they take a turn for the worse.
Options to consider:
Have questions about making your mortgage payments? Answers are a call or email away!