Missing Mortgage Payments
On Your New Haven Home?
It’s Not Too Late
Wondering what a New Haven homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.
First, here’s what a distressed New Haven homeowner should expect to happen when payments are missed:
30 Days Late: The lender will attempt phone contact or send a notice in the mail.
60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.
90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.
120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.
Not late yet, but about to be?
New Haven homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with New Haven homeowners to avoid being late.
If you or someone you care about may miss mortgage payments in the near future please download this free report Missing Mortgage Payments On Your New Haven Home. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.