Lenders Need Dialog When Borrowers Can’t Pay
Borrowers who are finding it impossible to make their mortgage payments should contact their lenders immediately. Never, never ignore the lenders’ mail and/or phone calls. Most think they don’t need to speak with their lenders about their situations, or think they can take care of their problems without involving the lender. But if you have been a good paying customer, have a good reason why you fell behind, and look like you’ll be able to get back on your feet, lenders can be plenty of help. The key word is “forbearance.”
Lenders don’t want your house, they want you to continue making payments, or at least a renewed promise to pay. The costs of foreclosure are enormous. On average, the total cost, including lost interest during the delinquency, foreclosure costs and disposition of the property, ran nearly $59,000, and the situation took about 18 months to resolve.
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