What Should I Do If I Receive Letters From the Lenders Regarding Missed Mortgage Payments?
Falling behind on mortgage payments can be a difficult situation, but it doesn’t always have to lead to foreclosure. After a few missed payments, you will likely be notified by your lender with a reminder of your balance, as well as a notice of any incurred late fees. What if you don’t currently have the cash to resolve your balance, now what? The first instinct most have at this point is to ignore these notices and just continue attempt to catch up on payments as best they can. Stop right there. The worst thing you can do when faced with letters from your lender regarding missed payments is to ignore them.
The following steps are options one can take towards avoiding foreclosure:
- Contact a Foreclosure Defense Attorney
An attorney will work with you to take the necessary steps in avoiding foreclosure. They will help to clearly present your options and legal rights when it comes to your outstanding mortgage payments.
- Discuss Loss Mitigation options with your lender
Loss Mitigation is the process the lender and borrower take to work together to avoid a foreclosure. Under Federal Law, homeowners are to be given 120 days after a missed payment before a foreclosure can formally begin to ensure the homeowner has time to discuss loss mitigation options.
- Already been issued a notice of Default & Election to Sell? Participate in Foreclosure Mediation.
Just because the foreclosure process has officially began, doesn’t mean you don’t have options in still avoiding it. The state of Nevada requires those in foreclosure be given the option to participate in Foreclosure Mediation if the property is owner-occupied. Foreclosure Mediation is yet another opportunity for the homeowner and lender to come to an agreement on alternatives to foreclosure.
The key here is to not avoid letters or phone calls from your lender regarding missed payments. The earlier you take steps to resolve the missed payments, the more time and options you have in avoiding foreclosure. To discuss your specific situation with an experienced foreclosure defense attorney, contact our office at (702) 998-1188, email@example.com, or schedule a consultation online.
For more information regarding foreclosure, take a look at other frequently asked questions in our Foreclosure Defense blog, or our Foreclosure Defense TV playlist on our Youtube Channel.