Key thing to know when you are late on your mortgage payment
Are you facing a foreclosure? There is options that we can work on. However time is not on your side so the sooner we can talk and find out what might work the better change we can avoid a foreclosure.
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Get in contact with your lender right away
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keep the communication going between you and the lender.
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Explain what is going on and try to resolve your situation.
Key factors the lenders are going to want to know
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Why you are late? They will need a letter stating why you are late. Not just I lost my job. Give them information on what is happening.
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Can you repay this loan? If this was a temporary thing and the situation has changed in your favor explain that to them.
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They are going to want documentation about your current income. They are going to want check stubs and 2 years of tax returns. This way they can determine if you can afford this home.
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They are going to want your current expenses. All expenses.
You both may determine it is best to sell your home
Do not stop talking with your mortgage company. This will not stop the foreclosure but it will keep both of you informed to make the best decision. Bad things sometimes happen to good people.
Make sure you understand your options. You might be able to sell your home on a short sale. Less then you owe on the loan because your home has gone down in value. Or you have additional cost that has been added in late fees.
If you need help please email me at DebbyTRealtor-Milwaukee@yahoo.com
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