Once you miss a payment on your home, catching up is vital. As you miss more and more payments, the bank begins calling and they won’t accept what you have to offer. They want the delinquent amount plus the new monthly payment. This makes it almost impossible to make any steps forward. You begin to feel defeated and you may even begin digging your hole deeper. It is best to try at this step to save your home only if you can afford to keep up on monthly payments. If you can’t it’s best to let the bank know you need to explore other options. A foreclosure attorney can help you work with the bank and protect your personal interest.
Loan re modification can halt the process and buy you more time. You will need to fill out all proper documents and be sure the mortgage company receives them. If you have applied for re modification and were denied, you can ask for a review of your denial. You can begin the steps to saving your home if you review your budget and file all the proper paperwork with your mortgage company. You will want to send in a complete budget that is realistic and demonstrates your ability to pay a modified amount. You will also want to include a hardship letter. A letter that is brief, but explains why you hit hard times and why delinquency is not projected to continue.
Most people feel overwhelmed when the letters start pouring in reminding them of the debt they defaulted on. At any point it is okay to contact a foreclosure attorney. You may feel that you can handle the first step of asking for re modification, but sometimes when a lawyer who knows the process gets involved things are more successful. If you tried and were denied you will need to hire someone if you truly feel you can continue to make payments and want to save your home.
A lawyer will begin looking into things like documentation to be sure the mortgage servicer can produce all of it. They may ask for a copy of the mortgage note and all endorsements and assignments. It is possible that they don’t have everything they need and this could stop the process. They may also call into question the notary book. A notary has to follow certain procedures when signing. If your lawyer can prove something was overlooked you may have a more cooperative lender on your hands.
Consider hiring a foreclosure attorney to protect your interest. A lender will push you around because they know what they are doing. You may read up on the internet about tips and tricks, but true judicial knowledge comes from devotion and time spent. You may begin devoting time now, and you may learn a lot in this process, but protecting your home is key.