Morgage tip: 

If you find yourself in trouble on your mortgage never get behind more than 60 days. The lender can file a notice of default at 90 days and can foreclose on you 120 days out.  

Don’t depend on the lender to bail you out with a loan modification. You have less likely of a chance to receive one when you have equity in your home. The first step is to always ask for a forbearance agreement. A forbearance agreement is when the lender will agree to allow you to miss two or three payments. Those payments are put on the back end of the loan. If that does not work, DO NOT BE MORE THAN 60 DAYS LATE! Do not listen to your lender in the modification department. You are playing Russian roulette by going 90 days late with the promise of a loan modification.  

All else fails, sell your home and walk away with something. You have a chance to get back into another home in a year or more with no foreclosure on your record.  

Life happens. Don’t burry your head and ask for help quickly. Timing is everything.

I’m Rouvaun Walker and that’s this week’s Mortgage Minute.  

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