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Lender negotiation and foreclosure prevention

On Behalf of | Apr 26, 2019 | Foreclosure Prevention

If you are struggling to pay your mortgage, foreclosure can be a real risk, and you may end up losing your home. This is why it is so vital that you take early action to address your financial problems before they develop into significant issues.

One of the best ways that you can deal with the problem directly is by talking to your lender about the nature of the problem. So many people face foreclosure simply because they have ignored their problems for so long. By building a good relationship with your lender, they will be more inclined to help you through your financial difficulties. The following are some ways that you can develop communication with your mortgage provider.

Notify them in advance of problems with payments

If you can foresee that you will struggle to pay your mortgage obligations in the future, you should notify your lender as soon as you become aware of this. If you let them know the reason why, they will likely be more willing to help you get past the obstacle. For example, if you recently lost your job, they may allow you to take a 6-month break from mortgage payments in order to give you time to find a new source of income.

Ask your lender about your other options

Foreclosure is not beneficial for lenders; therefore, they want to avoid it as much as you. Going through a short sale could be an option that your lender is willing to agree on.

It is important that you understand your rights as a debtor if you are at risk of facing foreclosure.