Owing more money on a property than it is worth and not being able to make the mortgage payments is a terrible and frightening position to be in. No one wants to have their home foreclosed on by the lender. The cost of foreclosures is not only felt by those who lose their homes but by the neighborhood as well. A single foreclosure can cause the value of an entire neighborhood to drop.
The first step you can do if you are in a situation that you can no longer make your mortgage payment is to contact your lender's loss mitigation department. Lenders are now trying to assist homeowners in restructuring their loan. I am told it is better to speak with your lender prior to skipping your first mortgage payment.
The next step you may want to consider is the Internet. Look up your local government web-sites to see if they have any information that may be helpful. Here in Nevada, you can go to www.foreclosurehelp.nv.gov. which will direct you to special groups that can assist in working with the lender.
Another site to visit is www.HopeNow.com that is a collective alliance between large banks, counselors, services and other support organizations with the sole purpose of trying to keep you in your home and help with foreclosure threats.
www.foreclosuredata.com provides information on the "Project Life Line". This is a program that the Department of Treasury announced recently to help Americans stay in their homes by freezing the foreclosure process for 30 days while the mortgage is refinanced or renegotiated.
Hopefully, this information will be helpful. I am sure there are other sites out there that will help as well, if you know of any, please let me know.
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