Calling or accelerating the home loan:
In some cases, the mortgage company can demand that the back payments all be made at once. The lender could call or accelerate the loan if you have missed your mortgage payment for a number of months. Instead of accepting one single monthly payment, you are required to pay the entire sum owed to the lender.
It shouldn’t be necessary to pay all arrearage to the mortgage company. A foreclosure specialist may help you to negotiate other options. But negotiating with the lender takes time and a certain amount of skill.
By all means, you need to save whatever money you can to keep your house. Let the credit cards go. Let the other creditors wait for the time being. Don’t bother with home repairs for now. Your priority must be the first mortgage holder on your home, if you want to save it from foreclosure.
Not making a mortgage payment is the first step to harming your credit. So if you have any lines of credit, or any savings, use them to make that mortgage payment. If you have friends or relatives who can help you, swallow that pride and ask them to help. Perhaps you can get a second job for awhile. Cut back on expenses. It is important, if you possibly can, to pay the mortgage first.
Most people want to save their homes. Once your foreclosure specialist helps you formulate a plan to catch up, he can notify the bank of your plan. It does help to communicate with your creditors as soon as possible.
Some people make the mistake of trying to pay off the other creditors first, and this turns out to be their biggest mistake. Every available step must be taken to help you save your home.
Another point to remember: If you are one or two months behind in your mortgage payments, if you just pay whatever you can, the bank will be less likely to call in the loan or accelerate the loan.
Foreclosure Negotiator/ Debt negotiator:
This is a professionally trained counselor who can help you get into a plan you can afford. The foreclosure negotiator will help you find alternatives to bankruptcy, to losing your home. Also called a foreclosure specialist, this counselor has training and experience in talking to the lenders, negotiating with them and formulating plans that will actually work.