MORTGAGE FORCLOSURE

CONTACT YOUR LENDER OR LOAN SERVICER IMMEDIATELY! It is crucial that you contact your lender or loan servicer as soon as you realize that you are unable to make a payment. This is a crucial first step in addressing your situation and identifying possible solutions. It is very important that you respond to mail and phone calls from your lender. If your lender does not hear from you, they are more likely to start legal action leading to foreclosure. Try to get a live person and a direct number. Look at your last mortgage statement to find out if your mortgage is self-servicing or contracted out to a servicer. The workout department and/or the servicer have the decision-making authority in any workout and some lenders and servicers may be subject to restrictions on how or what kind of workout they may enter into. Unfortunately, in this economy, the workout departments for lenders and servicers are short staffed. Most times it can be at least 90 days for any decision to be made and some workout departments will not even consider your calls unless you're in arrears, sometimes as much as two months. If you are considering a workout, it takes time. And the decision may not be in your favor.