So, exactly how many Americans are losing their homes?
How about, fewer than 3%! Thought it was more like 50% – yeah, me, too.
The truth is, many homeowners will make any and all efforts to keep their homes and make their mortgage payment…and on time, no less.
Still, banks are holding these bundles of mortgages that everyone is afraid of. Their value as a company is actually being diminished by what could be.
The amazing part is that it is affecting the markets globally, not just locally. Europe hit a slump over the weekend that’s put our own market in a further tailspin.
What is the best way to protect your own mortgage if you’re afraid you won’t be able to make your payments? Talk to your lender now. Begin a dialog with the bank that holds or services your mortgage, to explain to them what you are up against, and how you propose to maintain your payments if adjusted. The HOPE (Homeownership Preservation Foundation) hotline can help; regardless of what lender holds your mortgage. Get a Foreclosure Prevention Counselor to help guide you through the negotiation process. Ask your lender for a Modification – help is out there, you just need to ask for it!
This content was contributed by Alison Korell with the Korell Team at Countrywide. Email Alison for any information on home loans or to schedule a free consultation.
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