New Horizon Solutions LLC

Description

- Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your mortgage company may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your mortgage company to show that you would be able to meet the requirements of the new payment plan.

Mediation is the key to Stopping the Foreclosure. As we stated before, the Mortgage Company does not want to Foreclose and is usually willing to agree to terms to Stop Foreclosure. These terms are negotiable and it is to your advantage to develop a plan of action before contacting them. This plan needs to be thoroughly analyzed before presenting it to them as it becomes very difficult to adjust it.

Your loan is at least 4 months delinquent but no more than 12 months delinquent Your mortgage is not in foreclosure You are able to begin making full mortgage payments. When your mortgage company files a Partial Claim, HUD will pay your mortgage company the amount necessary, to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.

Here's one VERY important tip, If you have already missed any payments, do not ignore your mortgage company's attempts to contact you. If you are currently having problems making your payments, contact your mortgage company immediately. Discuss your circumstances and explain your situation. If they ask, be prepared to provide them with all your relevant financial information. This could include your monthly income, expenses and prospects for the future. Without all of your information, they will not be able to help you.

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