| When you get behind on your home mortgage | | | | That last reason, although cited significantly less often |
| payment, it can be a scary proposition. The chances | | | | than the others, is still important, because some 61 |
| are good that if you're like most folks in that situation, | | | | percent of delinquent buyers responded that they didn't |
| your house payments aren't the only financial | | | | know a person could work out an alternative payment |
| obligations you're behind on. You're being stressed, | | | | plan to help them out of their short-term financial bind. |
| emotionally and financially, and your home life may be | | | | The survey showed that 92 percent of those |
| suffering as a result. | | | | borrowers would have talked to their lender if they |
| If you're in that situation, it's important that you do the | | | | had known that such an option was open to them. |
| one thing that 2/3 of Americans DON'T do--reach out, | | | | The survey found that demographics made no |
| talk to your lender, and work out an alternative plan. It's | | | | difference in borrower responses. Whether the |
| an amazing statistic, but a recent survey by Freddie | | | | borrower was male or female, white, black, or Latino, |
| Mac and Roper Public Affairs and Media has showed | | | | the survey showed that there is a genuine need for |
| that more than half of all borrowers faced with | | | | educating borrowers as to how to work out |
| foreclosure of their homes never talk to their lender at | | | | temporary plans to avoid foreclosure. |
| all during the process. | | | | So if you find yourself in a financial bind that is difficult |
| On the other hand, ¾ of those borrowers do | | | | enough to threaten the loss of your home, don't be |
| remember having been contacted by their lending | | | | afraid or embarrassed. Lenders are in the business of |
| institution. There was a significant percentage of | | | | lending money. It's not their job to become |
| reasons people gave for not following up those | | | | homeowners. So they'd rather help you keep your |
| contacts with their own attempts to work out | | | | home rather than have to deal with taking over and |
| alternative payment plans, but the most often cited | | | | then reselling a foreclosure. |
| was a belief that their lenders couldn't help them with | | | | Don't ignore the correspondence from your letter if |
| late house payments. The next most-often reasons | | | | you get into trouble. You have everything to gain and |
| cited involved pride, fear, and embarrassment. | | | | nothing to lose by talking frankly with your lender about |
| Borrowers thought they could take care of their | | | | working out a plan to save your house. You'll be |
| problems themselves or were afraid to call because | | | | surprised at how willing most lenders will be to help you |
| they simply didn't have the money to make their | | | | stay in your home, even if you are behind on your |
| payments. Another common reason was that | | | | mortgage. |
| borrowers didn't know who to contact for help. | | | | Copyright © Jeanette J. |