| Home | Free Articles for Your Site | Submit an Article | Advertise | Link to Us | Search | Contact Us | |
Custom Search
|
Article Surfing ArchiveDealing With Mortgage Arrears - Articles SurfingIf you are having problems with mortgage arrears, you know that there is no Since the lending industry has been exploding, there are a wide variety of different kinds of lenders who are currently holding a mortgage. Arrears are treated differently by each lender. The reputable ones will gladly work with the individual borrower to see what can be done to help her or him get the mortgage arrears caught up and current, while some of the not so reputable ones will simply want to bide their time until they can sell off the paper to a foreclosing agent. Find out which category your lender falls into by giving them a call to see what they can do for you. If your lender is willing to work with you, you may be able to go ahead and make interest only payments for a couple of months until you get back on your feet. Conversely, you may be able to extend your mortgage loan by the number of payments that you are behind. If your lender is not willing to work with you, then you will need to seek ways to supplement your income to make bring the mortgage arrears current. While in the short run this might mean not paying other bills so as to pay your mortgage first, in the long run you may need to look at finding another job or even a second job. However, most lenders are very willing to work with the borrower. Many banks have special departments to deal with this topic alone. After all, if they work to help you, they will get paid more in the long run. One misconception that has proven detrimental to a great many borrowers is the notion that a bankruptcy will help you to get out of your debts and keep your home. This is not the case. While you may be able to not have the home foreclosed on if you are current, you may have to give the bankruptcy trustee your homes equity. Similarly, if you are behind in your loan or if you have liens against your property by those whom you have not paid, you will most likely have to face a foreclosure sale. Thus, a bankruptcy for the sake of bringing mortgage arrears current is not a good option. Whenever possible, you will need to deal with mortgage arrears quickly to prevent them from building up. Stay in contact with your lender and be open to solutions even if they do not appear attractive at the time.
RELATED SITES
Copyright © 1995 - Photius Coutsoukis (All Rights Reserved). |
ARTICLE CATEGORIES
Aging Arts and Crafts Auto and Trucks Automotive Business Business and Finance Cancer Survival Career Classifieds Computers and Internet Computers and Technology Cooking Culture Education Education #2 Entertainment Etiquette Family Finances Food and Drink Food and Drink B Gadgets and Gizmos Gardening Health Hobbies Home Improvement Home Management Humor Internet Jobs Kids and Teens Learning Languages Leadership Legal Legal B Marketing Marketing B Medical Business Medicines and Remedies Music and Movies Online Business Opinions Parenting Parenting B Pets Pets and Animals Poetry Politics Politics and Government Real Estate Recreation Recreation and Sports Science Self Help Self Improvement Short Stories Site Promotion Society Sports Travel and Leisure Travel Part B Web Development Wellness, Fitness and Diet World Affairs Writing Writing B |