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reckedracing · 06-27-2008, 04:35 PM

If your budget was already tight, these rising fuel prices might be making your mortgage even less afordable every month that gas prices rise, and you still have fuel oil to worry about. You should act before its too late.

If you got sold into an ARM (adjustable rate mortgage), find out when you rate is going to reset. If you can't afford it talk to your bank asap. They would rather help you stay in your home and not default on your mortgage. Call them and see what sort of negotionations you can make before the rate goes up and get yourself locked into a better fixed rate mortgage.

Perhaps you're having trouble making your payments now. Call your lender, explain your situation. See if there's anything you can do to prevent your home from going into foreclosure. Bank can and will help you, you just need to let them know what your situation is. If you wait until you're getting the foreclosure notices in the mail then it will be too late and you'll lose your home. Take responsibility and act sooner.

If neither of these help you then look into federal, or even state programs. There are grants and money available to help people like yourself from losing your home. You just need to do some research to see whats available for you to save your equity in your home.

titan22 · 06-27-2008, 04:46 PM

It cost a bank more money to foreclose than it does to delay/reduce your payments. They are more than willing to help if it keeps them from having to sell your home.

This also works with auto lenders. don't wait until you start getting those bright red papers. open the mail and face the fact that you are struggling. But be sure to stay away from debt consolidation loans you see at 2 am on tv. those wont help at all. Talk to the banks and lending agents first.

06-27-2008, 04:35 PM	#1
reckedracing Greenhorn Join Date: Aug 2006 Age: 32 Posts: 30 Rep Power: 6	Don't let your mortgage lender take your home If your budget was already tight, these rising fuel prices might be making your mortgage even less afordable every month that gas prices rise, and you still have fuel oil to worry about. You should act before its too late. If you got sold into an ARM (adjustable rate mortgage), find out when you rate is going to reset. If you can't afford it talk to your bank asap. They would rather help you stay in your home and not default on your mortgage. Call them and see what sort of negotionations you can make before the rate goes up and get yourself locked into a better fixed rate mortgage. Perhaps you're having trouble making your payments now. Call your lender, explain your situation. See if there's anything you can do to prevent your home from going into foreclosure. Bank can and will help you, you just need to let them know what your situation is. If you wait until you're getting the foreclosure notices in the mail then it will be too late and you'll lose your home. Take responsibility and act sooner. If neither of these help you then look into federal, or even state programs. There are grants and money available to help people like yourself from losing your home. You just need to do some research to see whats available for you to save your equity in your home.

06-27-2008, 04:46 PM	#2
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 7	It cost a bank more money to foreclose than it does to delay/reduce your payments. They are more than willing to help if it keeps them from having to sell your home. This also works with auto lenders. don't wait until you start getting those bright red papers. open the mail and face the fact that you are struggling. But be sure to stay away from debt consolidation loans you see at 2 am on tv. those wont help at all. Talk to the banks and lending agents first.

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