| If you are behind in your mortgage payments and | | | | of taking payments or badgering you to make a |
| are facing possible foreclosure you are facing a | | | | payment. |
| heart-wrenching problem. You live in a home, not just | | | | A professional mortgage mediator can work with a |
| a house. It has emotional ties to your heart and you | | | | lender on your behalf and keep you informed on |
| don't want to lose your home and disrupt your life | | | | progress and possibilities. This can help you have |
| and family. But, how can you possibly meet the | | | | some peace of mind and hope in a difficult situation. |
| demands from your mortgage holder that seem to | | | | There are, however, as in any industry, so called |
| be insurmountable. You got in this situation because | | | | mediators that just want money from you and may |
| you could not meet a monthly payment amount and | | | | not help at all, so "buyer beware", be sure to ask for |
| now they want all the monthly payments plus other | | | | references and credentials. Real estate investors that |
| late fees etc. all in one lump sum, or they want your | | | | want to buy your home or take it and supposedly |
| home. If you could not make the monthly payment, | | | | make your payments may have contacted you. This |
| how in the world can you make up this large sum? | | | | is not the solution you really want and there are |
| You want to keep your home, but the situation | | | | scam artists out there that may take your home and |
| seems impossible. Bankruptcy is not an option as that | | | | not make the payments. Mortgage mediation by a |
| only slows down, but does not stop, the foreclosure | | | | legitimate professional is probably a better choice for |
| process and it further ruins your credit. | | | | you if you would rather keep your home. |
| The truth is, the lender does not really want your | | | | Here are some examples of what a good |
| home, even though it seems this way on the | | | | professional mediator has done. One homeowner was |
| surface. The lender is in the business of loaning | | | | $9,000 behind on his mortgages and had a first |
| money, not owning real estate. In fact, the regulators | | | | mortgage of $150,000 and a second mortgage of |
| overseeing lending practices frown upon the lenders | | | | $35,000. The mediator was able to negotiate a |
| owning real estate instead of loans. Knowing this | | | | reduction in interest rate on the first mortgage, have |
| opens up an opportunity to solve your problem with | | | | the back payments added to the amount owed onto |
| the lender. Mortgage mediation has a good chance of | | | | the first mortgage instead of them being due |
| helping you if this is your situation: you have a steady | | | | immediately, and got a complete forgiveness of the |
| income, you could make a regular payment that may | | | | second mortgage. The result was that the |
| be a little lower than what you were paying, or | | | | homeowner was caught up, had payments that were |
| maybe your situation was temporary and you could | | | | well within his budget, and owed less than he did |
| start to make the regular payments again. | | | | originally (because the forgiveness of the second |
| What is mortgage mediation? Well, basically it is | | | | mortgage was greater than the back payments that |
| negotiating with your lender. The problem is, this is | | | | were added to the first mortgage). Often a |
| difficult for the average homeowner because they | | | | negotiated settlement includes adding the back |
| have no experience, and finding the right person at | | | | payments to the mortgage and lowering the interest |
| the lender is usually difficult. There are people that do | | | | rate to make it easier for the homeowner to keep |
| this for homeowners all the time. They know how | | | | up from then on. Each situation and lender is different |
| the lenders work, what programs are available to | | | | and so results vary greatly. Of course, this method |
| help homeowners that are in trouble, they have | | | | of solving the foreclosure problem can only work if |
| inside contacts at many of the lenders, and they deal | | | | the homeowner has enough income to support some |
| with the lenders without the emotion that you, the | | | | reasonable level of payments. If he is unemployed or |
| homeowner is saddled with. If they don't have a | | | | has little residual income then this method cannot |
| contact at your lender, they know how to inquire | | | | work. |
| inside the lender's organization to find the right people | | | | If you are facing foreclosure and desperately need |
| to talk with. | | | | help, then mortgage mediation by a professional could |
| Many times the customer service or collections | | | | help you solve this problem. What you want to do is |
| personnel know nothing of available help programs | | | | take action and avoid inaction. Time is not on your |
| and they are only knowledgeable in their regular jobs | | | | side, so investigate mortgage mediation now. |