For many people who have lost their jobs, the prospect of losing their homes is a major concern – and for good reason. No one wants to deal with the stress and pain of going through foreclosure, being evicted from their home, and having to find somewhere else to live. And many people see mortgage lenders as being particularly unforgiving – they think that the lender would like nothing better than to take possession of their homes and sell them.
If you’ve lost your job, the thing to remember is that your lender really doesn’t want to repossess your home. Mortgage lenders lose millions of dollars every year on foreclosures, because they can only sell the homes for a fraction of what they’re worth.
Not only that, but mortgage companies incur thousands of dollars in legal fees and other expenses every time they foreclose on a home. So it’s in your lender’s best interest to help you find a way to stay in your house.
It’s critical to contact your mortgage lender as soon as you lose your job, even if you haven’t missed a payment yet. Being proactive wins quite a few points with mortgage companies, because they see that you are willing to work with them. They will give a borrower who stays in contact a lot more leeway than someone who ignores the problem.
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