If you have or are about to miss a mortgage payment, foreclosure may be on your mind.  This means it is time to start talking to your lender and tell them about your financial difficulties.  You may be surprised how much assistance; they can be if you go to them early enough.

Most people are worried or too scared to call their bank especially when they have missed some mortgage payments.  This is not good, calling your lender is the first step that needs to be taken, to try and stop the foreclosure.  Many people are angry with the bank, because they think they are trying to force them out of their home.  But this anger has to be put aside and realize that the bank will help you, if you call them and communicate your problems with meeting the mortgage payment.  You need to be persistent though and make sure you keep talking with them and updating them every few days.

©ghhomebuying - flickr

©ghhomebuying – flickr

Banks do want to help people out of foreclosure if it is possible.  The main problem is many banks are overwhelmed with people in foreclosure, this means that sometimes, some peoples cases get put off.  This is exactly why you need to be persistent with them, talk with them soon enough and keep in contact, so your home has a better chance of being saved.

The first thing you should do is make an appointment with your lender, to meet with them in person.  This way you have made personal contact with them and they can put a face to the case.  Sit down with them and prove to them your financial problems are temporary and how you are going to turn them around.

If you have just been laid off from your job and haven’t missed a payment on your home yet, you still should make an appointment with your lender and tell them that you have been laid off.  Show them that you are taking proactive steps to find a new job and then they maybe able to help you.  With either a loan modification or workout plan for your mortgage.

If you have already missed a few mortgage payments, likely you are getting many phone calls from your lender.  This is not the time to, be avoiding phone calls; many people do this, because they are hoping the problem will just go away.  But it won’t with out you taking action, this is the time to pick up the phone and talk with the lender.

It is important to talk with the lender, so you can know exactly how much you need to pay to stop the foreclosure proceedings.  If you do workout a plan with the lender, make sure you can keep up with the payments and even in the future as they increase, otherwise you will just find the foreclosure process restarting on you again.

Keep in mind that the bank does want to help you, so it is important that the lines of communication stay open.  That you meet with them in person, dress professional, prove to them that you do want to save your home and that you just hit some financial hardship and you will be back up on your feet, making your mortgage payments on time.

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