It is totally natural to feel humiliated when you are facing the possibility of losing your home to foreclosure. It also makes you feel helpless because you were not able to pay for your home. The depression grows as the date becomes closer when you will be forced to leave your home due to your debts.
Sure, there may be concerned people who try to console you, but sometimes rather than making you feel better, this scenario may make you feel even worse. And to top that, your children may be trying to know the reason why the family is moving out. These scenarios are simply gloomy so nobody would want to experience this.
In this case, you must immediately take necessary the steps if you are having troubles with paying your home mortgage loan. The following are some suggestions to put a stop to the looming foreclosure:
The first step that you must take is to get in touch with your lender. Never run away or avoid them when you failed to pay your dues. The best move is to come out and approach them so that you can explain why you are not able to pay your balance. It is also in this way that you and the lender can figure out an agreement in which it will be easier for you to settle the monthly payments.
Sure enough, lenders are always willing to make arrangements just so that they can collect rather than not get anything at all. On your part, you can request to refinance your loan so that all your unpaid dues that have collected as well as the remaining balance will all be transferred to a new loan. Refinancing can somehow help you start afresh.
Finally, if you find yourself in this predicament and are unable to do a loan modification, be sure to call Joyce Corsi Hazen of Long Realty Arizona Properties, who can help discuss a Short Sale and other options available to you.