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Many homeowners that have gotten themselves in trouble financially are looking for mortgage help. For most people, it is the single, largest, obligation that they will ever have. With this kind of responsibility, many people have faced major problems with it through the years. When times get tough, sometimes it takes a little bit of help from an outside source to get through. Getting mortgage help is not the ideal solution for anyone. However, when you are left with few options, getting mortgage help might be your best choice. Here are a few ways that you can get assistance with your mortgage if you need it.
1. Contact the Lender
If you get into trouble with your mortgage, the first phone call that you make should be to your mortgage lender. Let them know exactly what is going on and about the kind of trouble that you are having. Ask them if they have any possible solutions for you and what you should do.
If you have been late with a few payments, they may have sent you a notice of default. Although this type of document appears to be the last straw, it does not mean that they will not work with you. Many lenders are willing to help you out if you get into trouble. They may eliminate late fees and help you get caught up again. They might even renegotiate your mortgage for you and give you some more favorable terms to work with.
2. Nonprofit Counseling Services
There are several nonprofit debt counseling services out there that can potentially help you with your mortgage. They work with those that are behind on their payments and help them get things back under control. They will work on your behalf if you allow them to. They can actually call your lender for you and negotiate on your behalf. They could potentially work out a new mortgage for you and help you avoid foreclosure.
3. Private Mortgage Insurance
Many homeowners look at paying PMI on their mortgage as a nuisance. It adds money to their monthly mortgage payment and makes it tougher to afford their payment every month. While this may be the case, PMI can actually come in handy once in a while. The PMI Company will pay the mortgage to the lender, in the case of default. Therefore, it is in their best interests to help you out.
Some PMI companies offer assistance in the form of job-loss protection. If you lose your job, they will pay up to $2000 per month towards your mortgage payment for a few months until you get back on your feet. They may also be willing to give you a short-term loan in order to help you get caught up on your late payments. They will help you in whatever way they can. The first step is for you to call for help.
