Law Office of Paul Petrillo

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Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Questions to ask your lender if you fall behind on your mortgage

| Dec 25, 2019 | Debt Relief |

You buy a house with the idea of making every mortgage payment in full and on time, but as the years go by, it’s possible you could find your financial circumstances changing for the worse.

If you receive a foreclosure notice from your lender, review it closely and decide what you want to do next. As tempting as it may be to ignore it and hope you turn things around, you’re better off communicating with your lender to hopefully find a solution.

Here are the types of questions you can ask upon getting in touch:

  • How much money do I need to pay in order to catch up?
  • What is the break down of the money owed? Principal, interest, fees, penalties?
  • Do you have loan modification programs I may qualify for?
  • What is the process of applying for a loan modification?
  • Is there anything I can do to temporarily put a hold on the foreclosure process?

You do two things by asking these questions:

  • Learn more about your options for making things right
  • Prove to your lender that you are willing to consider all options for getting back on track

This is opposed to ignoring the notice, hoping that you find enough money to catch up and then trying to avoid a similar situation in the future.

If you’re unable to work out a modification with your lender, turn your attention to your other options. For example, you may be able to file for Chapter 7 bankruptcy. This will temporarily place the foreclosure on hold, which gives you more time to consider your options.

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