Thursday, June 19, 2008
I was talking to a client today who informed me that someone from the city spoke to her and was going to help cure her arrears by adjusting her escrow account. I asked her if her payment included principle, interest, taxes and insurance. She said no. I then informed her that she did not have a escrow account to adjust and to be careful about calls from individuals who claimed to be able to cure her default judgement and stop her foreclosure for a fee.Here's a few tips and guidelines to remember when facing foreclosure. The most important advice is to talked to an expert that's honest and will advise you to your best interest. As long as you own the property, there's options available.Also remember that your mortgage lien holder may not always choose the best alternative for your financial future. Many lenders are directing borrowers into repayment plans that defer past due amounts payable at the same interest rate but extended terms. The best solution for most borrowers in many cases is a total modification of current loan terms into a lesser principle amount or a lower interest rates.