Getting Behind on Your Mortgage Loan?

by admin on February 21, 2009

If you are getting behind on your mortage loan, it may be time to consider contacting your lender. If you haven’t missed a payment, it won’t hurt to proactively contact them and let them know you might not make the next payment. If you do call your lender such as Bank of America, Countrywide or Wells Fargo, make a log of all your calls. If any problems arise later on it will be critical that you have a record of everything that trasnpired.

Sometimes you may call your lender and tell them that you might not be able to make your payment and they may say they can do nothing for you until you actually miss a payment. That can be frustrating, but make a note in your log book and then contact them after you’ve missed your payment. You should also consider contacting the bank about a loan modification if you are behind or plan to miss a payment. The first thing to do is write up a hardship letter that describes the struggles your having in detail. Once you have the hardship letter ready you should call the bank to find out where you send the letter and then after you’ve sent it, make sure the bank received it.

If you can’t get your bank to come to the table to discuss your problems, then it’s time to consider getting a loan modification lawyer who can help you out. A lawyer will help legitimize your claims and make your lender start taking you seriously if they are refusing to deal with you. Plus a lawyer will have the benefit of expertise and will know who to talk to at the lender and how to deal with them to better assist you.

You have options if you know you can’t make a mortgage payment. Be proactive and document everything to protect yourself and you can get through these troubling times.

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