Ask Kate Homeowner Foreclosure Question
by Brenda G from Richmond, VA
Homeowners ask Kate their mortgagae foreclosure question: My sister and I own our house together. We each pay half of the mortgage. We are now one month behind for September which we will pay this week. We had a call today saying if we did not pay today the mortgage company, they would start foreclosure proceedings. Can they do this after only one month's lateness?
Kate answers: Homeowner Foreclosure Question and Answer
After a homeowner is late on even one monthly house payment, late fees, penalties, and interest charges can be tacked onto the principal balance of the mortgage.
In order to avoid that becoming a regular occurrence, the most important thing is to bring your payments current and continue paying them on time whenever possible.
Otherwise, call your mortgage servicer immediately. Explain you do not want to lose your home and ask the bank to work with you. Ask about their Making Home Affordable foreclosure alternatives
, also called HAFA.
Explain to your lender that you do not intend for your home to progress into foreclosure proceedings and ask what they require of you to bring the mortgage current.
Note: Some homeowners are confused over who to contact when they begin having financial trouble. Refer to Stop Foreclosure Now
for tips on locating a loan servicer.
Good luck and best wishes,
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