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Home arrow Real Estate News arrow General News arrow Foreclosures: real options and help

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Foreclosures: real options and help
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Sunday, 27 August 2006

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The real estate market slows downs with interest rates going up because of homeowners not being able to make mortgage payments.   "The number of people asking for appointments to talk about foreclosure is definitely up," said Susan Ulaga, the nonprofit service's senior vice president of counseling. Rising rates "are really putting a crunch" on homeowners with adjustable-rate loans. A quarter of the nation’s mortgage have rates scheduled to reset higher payments for millions of homeowners. 

Falling in danger behind mortgages it is important to know what is ahead and what the options are.  The faster one moves the more choices are there in the future. 

Nearly a quarter of the nation's mortgages have rates scheduled to reset, which means higher payments for millions of homeowners.

Troubles actually start as soon as there is a miss in a single payment. Lenders may not contact you until you've skipped a second payment, but most will report the first late payment and every subsequent delinquency to the credit bureaus. Lenders typically tack on late fees of 5% or so for each missed payment.

If payments are not made, the lender will file a "notice of default" with a local courthouse and send you a letter saying that the foreclosure process will start unless you make good the missing payments.  How quickly the notice is filed depends on the individual lender. Some hold off if you contact them to work out a payment plan or otherwise explain your situation. Others are more aggressive and start the process as soon as possible to try to protect their investment.  Usually, this notice means that the amount you owe has shot up as well, since the lender typically adds substantial fees to cover its legal costs.

The notice of default is generally picked up by the credit bureaus, further depressing your credit score and making refinancing the loan extremely difficult. Borrowers typically have 90 days from the notice of default to make up the deficit before the lender sends out a "notice of sale," which sets a sale date for the house.

Some lenders will allow you to keep your original loan if you can make up the missing payments plus any late fees and legal charges. Others will insist you refinance with another lender. Lenders today typically offer a variety of solutions for people who have fallen behind on their mortgages.

Among them:

Temporarily reducing or waiving payments.

Setting up short-term repayment plans to help you make up the deficit.

Adding the unpaid balance to the principal of your loan and increasing your payments slightly to cover the extra amount.

 

-jhd-

 
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