Wednesday, December 06, 2006

What if You Can't Pay Your Mortgage?

A survey last year by Freddi Mac concluded that a full two thirds of home borrowers were unaware of workout options if they became unable to pay their mortgage. These options include forbearance, which temporarily delays or reduces payments, and loan modifications, which can restructure the payment terms for a fixed period. Many servicers typically describe these options in their collection letters. However, it is up to borrowers to follow-up with their servicers to learn more about these options. So, it's important to pick up the phone and communicate with your lender about all the options.

Borrowers can find a comprehensive description of workout options at the Avoiding Foreclosure page of the Freddie Mac website.

By the way, the featured picture here is lender owned. You can learn more about this property by clicking here.

Search the MLS for Ventura County Real Estate at:


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