Wednesday, July 1, 2009
Having Trouble Paying Your Mortgage?
I recently had a conversation with a gentleman who was telling me that he and his wife were having trouble paying their mortgage and thought it would be best not to pay for 3 months then request a loan modifation. A lot of damage can be done to your credit in 3 months. I explained that in 57% of all foreclosures cases, no one contacted the bank to try to solve the problem. If you are having trouble paying your mortgage, you might want to try contacting the bank first. It doesn’t cost you anything (except for some time) and you might be able to work out a payment plan that provides you some relief for a couple of years. I know people who have successfully modified their loans directly with the bank. It’s worth a try. It's free and it preserves your credit. If you have questions or need help in this area, contact me through www.GaryNobile.com