Kathleen

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How does forclosure play out for the homeowner when they are in a financial bind?

Asked Sat Jul 19 2008, 06:48 by Julie - 60133 - Foreclosure - 7 answers

Kathleen answered:

Call your mortgage company before it gets to foreclosure! They usually will help you out and do a forebarance (which means you have 90 days give or take) to change things around financially and you will not have to make a payment during that time. The money you are not paying for a mortgage for the forebarance term is still payable but usually tacked on to the end of your loan. The mortgage company does not want your house! They should work with you but you need to be honest with them! Good Luck! - Tue Jul 22 2008, 11:48

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