Posted by ucmahelp on November 13, 2007 at 17:46:34:
In Reply to: foreclosure posted by sara on November 12, 2007 at 07:12:47:
Accelerating the loan, calling it all due and payable, is USUALLY one of the first thing lenders do when they start foreclosure. Being in foreclosure and being foreclosed upon are two completely different things. It sounds like you may be 4 or so months delinquent. If so, 1st look at your cash flow, can you afford the home. Really look at what money is coming in each month and what bills are to be paid monthly and see what amount of money is left over - if you can afford your home - call the lender today and explain how you can afford your home again and ask for their work-out department and ask if they could "update your financials" on their system. If so, they will ask you about income and expenses and see if you may qualify. Tell them about ALL INCOME coming into your home. If you cannot afford your home, there must be changes done to afford your home - good luck to you - hope this helps Follow Ups:
