You’re Having Trouble Making Your Mortgage Payment
“What should I do I’m Unable To Pay My Mortgage And Need Someone To Help?”
Contact your mortgage servicer to get started. The monthly statement you receive for your mortgage loan may contain the phone number for your mortgage servicer. Check the mortgage loan coupon book that your lender issued you if you don’t receive a monthly statement for your mortgage. You can get information on your mortgage servicer’s website as well. You can ask a housing counselor who has been approved by HUD for assistance if you are unsure of who your mortgage servicer is.
When you get in touch with your mortgage servicer, be ready to give them the following details:
- What is preventing you from making your payment?
- It doesn’t matter if the problem is short-term or persistent.
- Your profits, expenses, and other assets, such as cash in the bank, are all described in detail.
You should read this if you are a member of the military who has been given orders for a permanent change of station (PCS). Due to your military relocation, you can qualify for loss mitigation options if you are a service member.
The Department of Housing and Urban Development-approved housing counselor should then be contacted.
The Department of Housing and Urban Development (HUD), which can help, can put you in touch with a housing counselor. The therapist could do the following:
Discuss your situation and see whether you qualify for any programs or additional aid.
Help you comprehend the loss mitigation options you have from your service provider and which ones would be the best for you.
Give instructions on how to contact your servicer and any other software or paperwork you might require during the procedure.
For a small or no cost, you can obtain assistance with budgeting, credit card debt, and other financial problems that might be preventing you from being able to pay your mortgage.
You might also wish to consult a lawyer if you are about to lose your house to foreclosure or have received legal notices.
Be on the lookout for scams
When deciding which of the different options might be best for you, a housing counselor who has been approved by the Department of Housing and Urban Development may be able to help. No one will help you avoid foreclosure if you don’t pay them. You might receive the help you require without having to pay anything from your servicer or a housing counseling agency.
In actuality, foreclosure scammers only want to take your money, despite their claims that they would protect your house from foreclosure.
Watch out for these red flags of fraud:
- For assistance, payment in advance is required.
- The company guarantees that it will work to have your mortgage terms changed.
- You are given assurances from the organization that you won’t lose your home.
- You’re being asked to sign documents that you’re unfamiliar with or to turn up the deed to your home.
- You are required to transfer payments to a different party than your mortgage provider or servicer when you make a payment.
- The company offers to carry out a “forensic audit.”
- It has been suggested that you stop making mortgage payments.
The business makes claims about having connections to the government, or it uses a logo that resembles a seal but differs greatly from the one used by the actual government.
The following actions may be taken by your lender if you fall behind on your mortgage payments:
Lenders must finish a number of procedures before they can seize your property.
Announcement of default
The day after your payment is past due; your lender has the right to send you a default notice. However, they might wait to take action until your repayment is 90 days or more overdue. You will have 30 days from the date you get the default notice. To make up the missed payments and the regular monthly loan payment. You still have time to request a hardship variant at this stage.
Immediately after the 30-day default period has passed
Your lender or looking for someone to take over my mortgage has the option to serve a summons or a statement of claim. At this time, we will file a lawsuit against you to recoup the full amount of your mortgage loan.
You have a specific number of days in which to register a defense or submit a disagreement to a dispute resolution mechanism. The duration varies from one state or region to another.
If you don’t take action, your lender has the ability to file a lawsuit to confiscate your home.