Today there are so many things that are against you from the price of gas, to high taxes, increasing food prices and utilities bills. You are probably sitting up at night trying to find out what to do because you are more than 90 days behind in your mortgage. First thing is first, you need a solution to the problem. As fearful as it sounds you need to speak with the bank, don't think you can fix the problem by yourself.
Call the bank and speak with a representative. Here are some of the questions they might ask you.
Why are you late?
Did your financial status change?
Can you make 1 payment today?
Do you have any money in savings, 401K, or any other assets that can be liquidated?
Have you tried local churches and non profit organizations to assist you?
Can you borrow money from a friend or relative?
Once you get through the battery of questions and answers, try to see if you can get on a payment plan where they can break up your payments into 3-6 months of monthly installments. If you can keep the payments to the point where you are not more than 90 days late, this should keep you out of foreclosure status. If you feel like you just need to get from under the house, do enough to keep it out of foreclosure status until you can speak with a Realtor such as myself who can further assist you in negotiating with the bank.
Michele Wilson, Your Power Negotiator!
Weichert Realtors
703-360-7400