02 Jan 2008 07:46 am
The Steps To Take When You Are Behind In Your Mortgage Payments
When you owe more on your home, condo or property than the asset is worth, you are said to be “underwater“.
Of course, the concept is moot if you can continue to make the mortgage payments. But, what if you get into a financial bind and find yourself in arrears?
Financial experts advise that you should contact your lenders ASAP. If you are like most folks, you aren’t answering the lenders’ mail or returning their phone calls. Most think they don’t need to speak with their lenders about their situations, or think they can take care of their problems, if they recognize them as such, without involving the lender.
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