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*  I'VE MISSED A FEW MORTGAGE PAYMENTS.  WHAT WILL HAPPEN?

Your home may undergo the foreclosure process, but there are ways fo you to prevent this from happening.

*  WHAT SHOULD I DO ONCE I'M BEHIND ON MY MORTGAGE PAYMENTS?

Don't wait.  Get help early.  By working to resolve the issue as soon as possible, you greatly increase your chances of avoiding the loss of your home through foreclosure.  If you see the possibility of missing a payment, contact your lender and explain your financial situation. This initial contact, before letters of delinquency arrive, will help your lender understand that you are facing issues that impede your payments.  This will provide your lender an incentive to find a proper "work out" resolution or to begin modifications to your loan.

*  WHAT IS A "WORK OUT" RESOLUTION?

The term "work out" resolution is an agreement where you continue making payments on your past due amount over a period of time, or a modification to your loan to lower your interest rate, or an extension of your loan period that will help lower your payments.

 

*  I AM IN THE FORECLOSURE PROCESS.  SHOULD I STAY IN MY HOME?

Abandoning your home may have serious, negative consequences on your qualification for assistance.

*  DO YOU HAVE ANY OTHER ADVICE?

Always be wary of potential scams.  Any person or company offering a solution that sounds overly optimistic may be trying to take advantage of you during your tme of financial stress.  Some warning signs of a scam include anyone who charges a fee before services are completed.  DM Real Estate Investments never charges a fee for consultation and you are under no obligation to list your property with us.

*  WHY WOULD MY LENDER RATHER HELP ME STAY IN MY HOME THAN FORECLOSE?

There are several reasons your lender may be interested in options other than foreclosure.  Most of the time, the lender takes a substantial loss through foreclosure and mortgage companies are not interested in owning and selling homes.