NCLC report: Loan modification standards should include HAMP successes
HAMP is the most successful loan modification program in history, adiposity sick though it is set to expire at the end of 2013. The report revealed that HAMP allowed for “win-win” loan modifications that benefit both investors and borrowers because such loan …
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Avoid Mortgage Foreclosure Help – How to Modify or Refinance Loan for Lower …
The federal government has a plan called HAMP (Home Affordable Modification Program) which offers different types of aid to struggling property owners. Besides loan modification, ask there is the possibility of refinancing the mortgage. This entails paying …
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City Council Puts Off Townhouse Zoning
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Question by galenight: Late in mortgage payment – how long can I be late before foreclosure?
I am 30 days late already for my mortgage payment, order how long will it take before the lender can start foreclosure?
Best answer:
Answer by Lisa L
Depends on where you live & who the lender is. After 60 days late you will probably get a letter. Any time after that they can start proceedings. Why not sell before you lose it & screw up your credit? Or try to rent it out.
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It depends on your state. If you have any desire to keep your home, you should stay in touch with your lender. They really don’t want your house. Good luck.
You need to contact your lender immediately. Ask for the loss mitigation department. Lenders are required by law to offer many alternatives to foreclosure, but some of the options aren’t available after 60 days. At this stage you can discuss forbearance, repayment, and/ or reinstatement if your financial difficulties are short-term and you want to stay in the home.
If you don’t expect your finances to improve, you may want to put your home on the market before foreclosure begins. If you owe more than it is worth, you may want to discuss a short sale with your lender. This is where they allow you to sell your home for less than the loan amount. You will incur a tax liability for the amount written off. Short sales approval requires that you are at least 2 payments late and that your home should be able to sell within 90 days- often tough in this market.
If your situation if long-term but you want to keep your home, explore loan renegotiation (length, interest rate, fixed vs adjustable) or a partial claim on your FHA mortgage insurance. Partial claims are basically interest free HUD loans to get you caught up. The money is due when you sell or after you’ve paid off your first mortgage. Partial claims are an option if the home is insured and you are 4-12 months late.
If you or your spouse are in the military or your house is in a federally declared disaster area, there are even more programs to help you save your home.
Check out these articles for more info and links to HUD and FHA.
Good luck! Do your research and call your lender immediately!