Real Estate Tips from Bob Rich-If You Can't Pay Mortgage?

If the breadwinner is temporarily unemployed, it is possible that you may not be able to make the mortgage payment.

The likelihood that you will experience foreclosure, however, is rather remote. Your bank’s business is money and not houses. Your banker wants cash coming in not an inventory of real estate that keeps accruing taxes and maintenance expenses.

Don’t wait until you are truly desperate before talking with your lender. If you explain your circumstances and if he sees any chance at all that you will get back on your feet again --- he will probably be inclined toward leniency. He may extend foreclosure time, or even allow you to defer 2, 3 or even more payments and then go to partial payments or even interest-only payments for a decent period of time. If you need a mortgage lender’s understanding help, you’ll ask him for it. Don’t just slide into delinquency and count on sympathy when you get there.