Wednesday, May 31, 2006

Behind on Your Mortgage?

Losing your job, divorce, unemployment, and sickness can all have an effect on making your mortgage payments. If you are in a similar situation, know that you have options. Of course, you can sell your home or file for bankruptcy, but there may be other options available to you. The first thing you need to do is contact your mortgage company. Ask them about a work out plan or loss mitigation programs. These plans are designed to assist you so that you can continue making your monthly payments. Some of the possibilities are forbearance, note modification, mortgage insurance protection, active military programs, and reverse mortgages. You may still end up deciding that selling your home is the best option, however, you'll make that decision knowing that it is the best decision for you. A knowledgeable Realtor will be able to guide you through the process. Remember, the bank doesn't want to own your home, they want to work with you to find a solution to keep you in your home. Call them!

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