Property Manager MA: Perils of Missing a Mortgage Payment
It is not easy owning a home especially if you have to survive on a paycheck. Sometimes couples still find it tough to live because most of their paycheck goes to mortgage payments and other day to day payments. So it is not unusual if you have a situation where you don’t want to make a mortgage payment so that your finances are in order. Unfortunately, this can backfire as it will only lead you to a financial crisis.
For starters if you are having problems with your mortgage payments, contact the lender and tell them of your inability. It is not an ideal situation but your honesty will go a long way in the long run.
When you let your lenders know of your financial situation, you are able to make it work. They will be more favorable towards you if you let them know as early as possible. This is because they will be able to come up with a solution for you. It doesn’t hurt to ask what they can recommend for you.
Find out about Loan Assistance
In the event you miss out on a mortgage payment, you should get loan assistance as soon as possible. The current rules prevent dual tracking where a mortgage lender will foreclose on your property while considering a loan modification. This is a good thing as it gives home owners some leeway and prevents lenders from foreclosing. This is a short period of 120 days but it gives the borrower time to work on finances.
Property Manager MA: State help
There are other programs which help people if they are unable to make mortgage payments. One of them is the HHF which was created to prevent foreclosure and stabilize neighborhoods. What they do is that they help people make their mortgage payments, if they are genuinely in trouble. The caveat is that not all states participate so it may not be available in your state. Their criteria are that it targets unemployed individuals and homeowners whose mortgage is more than the worth of their home
Sometimes your lender will not be so forthcoming and may refuse to do anything about loan modification. They could also just dismiss you if they know that you are unable to pay off the loan. This will likely mean that you will go into foreclosure and you are out of luck.
At the end of the day you have to let the lender know that you care about meeting the obligations.
We hope you liked our post “Property Manager MA: Perils of Missing a Mortgage Payment”.