No segment of the economy has suffered more than real estate. The collapse in the housing market has left home owners staggered and searching for mortgage assistance. For those in this unfortunate situation, seek out help before it is too late and foreclosure becomes the only option.
Start with opening up the lines of communication between you and the bank. Start with letting them know there is a problem and see what can be done. There are times when a bank may offer loan modification, lowering the interest rates. However, it is rare that a bank agrees to any such plan.
Contact an attorney ASAP, if the bank is not willing to talk. Attorneys are fluent in banking language, often resulting in better results. Precede with this caution: Use an attorney to gain mortgage assistance when all other areas have come up empty.
It was your tax money so use it, the stimulus package. There are options in this plan that can help homeowners, so call the local representative or senator. They have some ideas for mortgage assistance.
Make an appointment with a mortgage counselor and or organization. There are many non-profit organizations offering charitable work for those in need. Many times they can at least offer some basic options.
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