If you are behind on your mortgage or have a life change that affects your ability to pay, what should you do?
1. Get help right away. Do not wait and hope it goes away.
2. Contact the servicer of your loan to see if there is help available for borrowers in trouble.
4. Get a HUD-Approved counseling service to take on your case and work with your loan servicer. Hud-approved counseling services are usually at no charge.
5. Ask about getting a loan modification to help you through these tough times.
6. Attend foreclosure-prevention seminars
7. Do not apply for more credit
If you need to sell your house
If loan modification is not possible and you must sell your Wisconsin property, First Weber Group can help with tips to prepare your house for sale and price it right for a quick sale. Both those are key in today’s real estate market.
If you are faced with a short sale where you must sell your house for less than is owned on the mortgage, be prepared for long waits. There is nothing short about a short sale. Read more on short sales in an article written by First Weber’s Tom Weber.
Here is an interesting article from the KCM blog which looks at short sales and foreclosures and their affect on your credit score. Neither situation is pleasant. Remember, if you need help with your mortgage, the best thing to do is act right away.
Thank you for reading the First Weber Wisconsin real estate & Wisconsin living blog about what to do if you need help with your mortgage.