options for keeping your home

Dealing with Your Lender

Homeowners who are behind on their mortgages sometimes think their lenders want to use foreclosure to take back their homes. But this usually isn’t true. What do lenders really want?

1. They want to be paid the money they’re owed on time and in full.
2. They want to accumulate a number of properties they can resell.
3. They want to take tax deductions for helping people avoid foreclosure.

“A” is the answer. Lenders generally only resort to foreclosure when other efforts have failed. They may be able to help if you’re having financial trouble, but their ability to do so grows weaker the more payments you miss. This is why it’s so important to contact your lender as soon as you know you’re going to be late or miss a mortgage payment. There are also other measures it helps to take.