The decades of easy loans have come to an end. We are in a severe economic crisis and many people face unemployment or salary cuts. While lenders in the past have been content with stated income loans, those not requiring any formal documentation of salary or savings, this is no longer the case. The line of credit is frozen for many borrowers and strict documentation is now required to prove your financial status. If you are currently worried about paying your mortgage loans on time, there are options for assistance.
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First, be aware of the consequences involved in missing mortgage payments. You will ultimately face foreclosure of your house and your credit score will be severely damaged. This will make it more difficult to qualify for all kinds of loans, including automobile and education loans. Your first course of action should be to talk to your lender. If possible, talk to them before you need to miss payments and definitely before an imminent foreclosure. An experienced lawyer can be essential in renegotiating the terms of your mortgage with your lender. You must also carefully prepare all your financial statements before speaking to your lender. Your lender will be much more likely to grant you an extension or a modification of your loan if they see you are serious and capable of eventually paying back what you owe.
Foreclosure should be your last option. Many people have already built up equity in their home and you should protect your largest asset. There are lawyers who specialize in loan modification and can work with you to explore your options. Preventing foreclosure requires a lot of time and effort, but it is always in your best interests to maintain good credit.
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