One of the most common struggles of Beverly Hills real estate homeowners is consistently settling their monthly mortgage payments. Sometimes, they tend to skip a payment and just make up for it in the next one. Being unable to pay your mortgage can become a serious problem if you fail to address it accordingly.
During hard times that force you to miss your mortgage, you need to act on the matter accordingly. You can only do so by informing your lender what your current financial situation is. Explain to them in writing what you are going through. Give all the details in relation to your struggles in paying the mortgage. Honest is the key.
Don’t act too late by waiting
If you decide to keep your financial struggles to yourself for far too long, you will have a much harder time getting back on track on your payments. A lot of things can happen if you don’t address your situation. This may even translate to a bigger debt that may be too big for you to overcome.
Stop waiting for too long and address the matter ASAP. The longer your financial struggles go, the affordable modified loans can your lender offer you.
Education is key
Give yourself a better chance of recovering financially by educating yourself on real estate rules. The more you read about similar cases, the more options you will find. Moreover, don’t forget to consult with your agent since he may have some suggestions to help you get back on your feet and resume your monthly payments.
Be open to all options
When clawing your way back from debt, you need to be open to all possible options. Be on the lookout for state programs that aim to assist in mortgage payments. The Hardest Hit Fund (HHF), for example, helps people who are struggling with their monthly payments. HHF’s goal is to help prevent foreclosures and make different neighborhoods more stable.
Keep in mind that not all states in the country have HHF. For those that offer HHF, they look to assist people who are facing mortgage that is far bigger than what their homes are worth. They also help those who are unemployed and are currently hunting for a new job.
Though you can attempt to talk to your bank and request them to modify your loan, you should be prepared for the possibility of having your request rejected. A worst case scenario is foreclosure, so you still need to prepare for that possibility.