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Mortgage Distress
Difficulty making the mortgage payments?
My best advice is to reach out immediately for help. More than 60% of people who end up in foreclosure have never communicated with their mortgage provider/lender. Seems staggering but I can understand there are a multitude of reasons why that situation can occur…but it should not occur and the outcome could be different. This, as I refer to it, the "Great Recession," has caused difficulties for people from all segments of our community – there is no shame in experiencing financial difficulty.
A first contact, after the mortgage provider/lender, should be the folks below who are a HUD-approved housing counseling organization – the North Carolina Foreclosure Prevention Fund.
http://www.ncforeclosureprevention.gov/
You should be aware that the contact telephone number you presently have for your mortgage provider/lender may not be the best way to contact that organization. This is because this is likely to put you through the bank’s “Servicing” department and their only interest is to get the mortgage/loan payment from you – they are not paid to provide mortgage distress advice. If you experience this difficulty, again, contact the North Carolina Foreclosure Prevention Fund and get impartial and objective advise to help you deal with your situation.
Some options you may have are:
Refinance the mortgage
Sell the mortgaged property
Agree to a deed in lieu of foreclosure
Agree to a short sale/pre-foreclosure
File bankruptcy
Get independent and impartial advice as soon as possible you may get a solution you may not be aware was available.
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