Your mortgage servicer is not perfect, and sometimes they make mistakes just like everyone else. It is important to review all of your documents and communications with your servicer to check for mistakes. If something doesn't look right, it may not be. You should alert your mortgage servicer immediately if you think your account may be reporting incorrectly. Here are some of the common mortgage servicer mistakes to look out for:
Approximately 250,000 families enter into foreclosure every 3 months due to delinquent home loan payments or delinquent property taxes. Each of these homeowners has one thing in common: they have to make the decision of whether or not to fight for their home. However, if you want to fight the foreclosure and keep your home, it's time to find a foreclosure defense attorney. Here are some reasons why:
If you have secured a COVID-19 mortgage forbearance that works for you and your family this can be a great help. However, it is important to discuss with your mortgage servicer how they will be handling your past due payments at the end of the forbearance. 30 days before the forbearance ends you should assess your situation with your mortgage servicer to determine your next steps. Some servicers are requiring borrowers to make one large balloon payment when the forbearance ends, which is the worst case scenario for many homeowners. Other options are:
- repayment plan
- payment deferral
- loan modification
The amount of debt American householdsowe on their mortgages increased in the first quarter of 2016 to its highest level in four and a half years, according to the Federal Reserve Bank of New York's Quarterly report on Household Debt and Credit.
Delinquency rates, however, continued improving and remain at low levels, according to the report.