Keeping property on which payments are behind

You want to keep your mobile home, house or other real estate but you’re behind on the payments for it. You may contact the lender on your property (your “mortgage company”) if you have not already done so. Tell them about your situation and request options. In some cases, they may be able to offer you a workout plan or Loan Modification Agreement (“LMA”) to help you to catch up on your payments. A workout plan allows you to resume making your full mortgage payment, plus an amount that goes towards the back payments until you catch up. Be aware that talking to your mortgage company about options will not stop foreclosure proceedings unless the lender states this in writing.

Be sure to get all agreements in writing and do not rely upon verbal assurances. Housing Agencies can sometimes provide additional options such as state or federal programs available depending on your situation.

Avoid “Mortgage Assistance” firms or companies that “guarantee” they will stop foreclosure. These companies usually get your address from court records and send you mail promising that they can help you. Keep in mind that these companies generally charge fees for what you can do yourself, for free. You may want to try to verify at least 3 people the company “saved” from foreclosure in

Do not rely upon refinancing your mortgage as the way to stop a foreclosure. This may be possible if you have a lot of equity in your property, but these “rescue” loans often fall through at the last minute.