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Truth Seeker
How to Escape Mortgage Disaster
By: Keith Pandolfi, This Old House magazine, December 2007
1. Explain the situation. If you're about to miss a payment, call your lender pronto. "Talk to someone in the loss-mitigation department," says Elizabeth Razzi, author of The Fearless Homeowner. This person can help you design a payment plan with options like breaking missed payments into installments (though you'll probably have to fork over a fee for this service).
2. Stretch out your mortgage. Ask your lender if you can extend your amortization schedule. Switching from a 30-year to a 40-year plan lowers your monthly payments. Some lenders might even roll your missed payments into your new mortgage loan.
Read
By: Keith Pandolfi, This Old House magazine, December 2007
1. Explain the situation. If you're about to miss a payment, call your lender pronto. "Talk to someone in the loss-mitigation department," says Elizabeth Razzi, author of The Fearless Homeowner. This person can help you design a payment plan with options like breaking missed payments into installments (though you'll probably have to fork over a fee for this service).
2. Stretch out your mortgage. Ask your lender if you can extend your amortization schedule. Switching from a 30-year to a 40-year plan lowers your monthly payments. Some lenders might even roll your missed payments into your new mortgage loan.
Read