Once you realize that you are having difficulty making your mortgage payment, you should reach out for help as soon as possible, possibly by contacting your mortgage company. This will help to minimize whatever interest or fees may accrue because …Read More
As the saying goes, there’s no place like home for the holidays. However, if you are having difficulty making your mortgage payment, you may feel so much stress about your financial situation that it takes away from your holiday. You …Read More
A homeowner who is experiencing a hardship and is considering applying for a mortgage modification may come across the term capitalization of arrears or capitalization of missed mortgage payments, and wonder what it means. When a homeowner misses mortgage payments …Read More
A homeowner who can’t pay the mortgage may ask the mortgage company if they can forbear from paying the loan, also known as forbearance. Forbearance occurs when the mortgage company agrees to allow the homeowner to make a reduced mortgage …Read More
As a homeowner, there are times when you simply may not be able to make your mortgage payment. Mortgages and homes are expensive. In Rhode Island, the average cost of a home is approximately $265,000. This means that with interest, …Read More
Homeowners who are experiencing a hardship and are considering applying for a mortgage modification may wonder if the home may be rented after a mortgage modification. This may happen if the home in question is a rental home, vacation home, …Read More
A homeowner who is interested in applying for a mortgage modification may wonder if receiving a mortgage modification will affect the homeowner’s chances of getting a future mortgage on a different property. Each company has unique guidelines and criteria as …Read More
If you fail to make your monthly payments on your home’s mortgage, your mortgage company can foreclose on the home. This means that the bank will take your property back, and you and your family need to move out of …Read More
Americans carry a lot of debt, and mortgages make up a significant portion of that debt amount. In August of 2018, a report was released by the Federal Reserve Bank of New York’s Center for Microeconomic Data. It showed that …Read More
In order to demonstrate a financial hardship during the mortgage modification process, a homeowner will typically need to write a financial hardship letter. This letter can be intimidating and daunting to write, especially since homeowners typically are not familiar with …Read More