There may be times when it is simply not possible to pay all your bills on time. The mortgage payment is usually the biggest payment home owners face and is also one of the most difficult ones to meet when one is struggling. There is hope though – a lot of lenders will make the attempt to help their clients come up with a plan that works for both parties and that does not involve legal wrangles. A deferred mortgage payment is one such method. Here is how to go about getting one.
You need to get hold of the lender the minute that you realize that you will be paying late – before the event. Giving them some advance notice allows them to offer different options that are still in play to those that are in good financial standing. They are more likely to be able to help if there are not existing arrears. You may need to deal with a couple of different people before getting to the right one.
Before contacting them, check on their website whether or not they offer deferment or what remedies they do suggest. If the lender has a loss mitigation department, that is who you should speak to – they are the ones that understand the different options and who may be in a position to deal with you. You will need to explain why you are having problems, will need to give proof where applicable and should be able to back up your claim in terms of income and bank statements. A hardship letter will deal with the problem, the reason for it and an estimated duration. Should this be a long term issue, it may be better to discuss refinancing or selling the home.
Adding in a proposed plan of action in the hardship letter will demonstrate that you are willing to work on the situation and that you have not just thrown in the towel. It also makes it more likely that they will be inclined to assist you. Find out more about mortgage payment by going to www.lacve.com.
Keep in contact them throughout and keep them updated on progress made or problems encountered. If they can see that you are looking to resolve the situation and are not wanting to run away from the debt, they will be more willing to work with you. Remember, their first aim is to get their money back – they do not want to repossess your house. If you prove that you are making a good effort, you will be more likely to succeed.