The first and most important step in getting your bank to work with you is communication. If you want to keep your house then you must tell the bank what is going on, why you are behind, and how you would like to try and bring your loan current. There are a lot of simple ways people use to bring their loan current in the first stages of foreclosure.
Since we are in the tax season, some people use their tax returns to bring their mortgage current. You can also search other places that you may be able to pull a lump sum of cash from in case of an emergency. For example, I have seen families use an advance on an annuity, in some cases you may be able to use funds from an IRA or a child’s college fund if you explain to you IRA administrator or the college fund that the funds are needed for an emergency, although you may be subject to some stiff penalties. The most common way to bring your mortgage current is to talk to the bank and ask them if you can make a repayment agreement.
A repayment agreement is an agreed upon payment plan between you and the bank which allows you to pay a little bit more than your normal mortgage payment each month until you have paid the full amount of money that you were behind on. This plan is usually best for someone who has had a temporary setback and they just need help getting back on their feet.
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