Nationwide foreclosure rates increased 5% from last month and 25% from this same time last year. Nevada, Arizona, and Florida had the highest rates of foreclosure. Even though California was ranked fourth in foreclosures in October, the rate of foreclosures was actually down due in part to the most recent law mandating that lenders contact borrowers 30 days before filing a notice of default. In addition, some lenders are postponing foreclosures and others are voluntarily offering loan modifications to homeowners. Read the Inman News article by clicking here.
So what should you do if you are having trouble paying your mortgage? First, contact your lender and try to work out a modification of the interest rate or the term of your loan. Many lenders are more willing to work with homeowners because they understand that a foreclosure is much more costly to them than a loan modification.
However, remember that lenders are still working in their best interest.
If you are unable to negotiate a workout with your lender, or the workout is not satisfactory to you, contact us. We have partnered with the Mortgage Modification Center in Stockton. They are experts at negotiating with banks and lenders on the home owner’s behalf. With over 30 years in the mortgage business and a 90% success rate modifying loans, they will deal with your lender so you don’t have to. They have your best interest in mind and will work diligently to get you a modification that works for your situation.
Don’t wait for your lender to contact you. Reach out to them - or to us. We’re here to answer your questions and help you make the best decision for you and your family.
