Late Payment, Notice of Sale, Auction, Foreclosure, Short Sale, Deed, Eviction!
Let’s face it
It’s not your fault if you can’t make your mortgage payments.
It’s because you:- had COVID or have Long COVID
- lost your job
- are on disability
- just got divorced
- lost a partner
- or simply because you’re not making the kind of money you used to…
You should not be penalized for that!
There are dozens & dozens of reasons why you can’t pay your mortgage.
Not paying your mortgage will lead to a lot of serious problems & consequences.
Here are some common issues that will pop up when you are late on your mortgage payments:
Stress & Emotional Impact:
Financial difficulties and the risk of losing one’s home can lead to significant stress and emotional strain for individuals and families.Late Fees and Penalties:
Mortgage agreements often include provisions for late fees and penalties when payments are not made on time. These fees can add up, increasing the overall amount owed.Credit Score Impact:
Late or missed mortgage payments will significantly impact your credit score. A lower credit score will make it more challenging to secure other credit, such as car loans or credit cards, & will affect your ability to get low interest rates.
Impact on Creditworthiness:
Mortgage delinquency & foreclosure will have long-lasting effects on your creditworthiness. It may take years to rebuild your credit after such events.
Accumulation of Debt:
Unpaid mortgage payments, fees, and interest can accumulate, leading to a substantial debt that may become overwhelming for the borrower.Imagine the Negative Impact on your Credit Score
You can kiss goodbye any purchase on credit…
Risk of Foreclosure:
Non-payment of mortgage for an extended period may lead to foreclosure. Foreclosure is a legal process by which the lender can take possession of the property when the borrower fails to meet the mortgage obligations.Accumulation of Debt:
Unpaid mortgage payments, fees, and interest can accumulate, leading to a substantial debt that may become overwhelming for the borrower.Legal Consequences:
The lender may take legal action to recover the outstanding debt. This could result in a judgment against the borrower, and in some cases, the lender may pursue wage garnishment or asset seizure. Impact on Home Equity: As mortgage payments are missed, the borrower’s equity in the home may decrease. If the home goes into foreclosure, the homeowner may lose any accumulated equity.Difficulty Obtaining Future Loans:
A history of mortgage delinquency and foreclosure can make it difficult to obtain future loans or mortgages. Lenders may view individuals with a history of non-payment as higher risk.Housing Instability:
Non-payment of a mortgage can lead to housing instability, forcing individuals and families to seek alternative housing options. This can disrupt lives and may lead to additional financial challenges.
If it’s not your fault, you may qualify for a
Loan Modification
This is what a Loan Modification (also called Restructuring) can do for you
- Keep you in your home
- Delay your next monthly mortgage payment by several months
- Prevent eviction & foreclosure
- Allow you to create a piggy bank & savings for the next months
- Reduce your monthly payments
- Avoid late fees & penalties
- Give you extra time to pay your mortgage
- Helping you stay up to date on the loan
- And More
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