Partial Mortgage Payments While Your House is Up For Sale to Prevent Foreclosure

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Mortgage lenders are currently faced with a multitude of foreclosures, and they are losing millions of dollars monthly.
A foreclosure on average will cost them on average about $100,000.
Therefore most mortgage lenders will be more than willing to work with you.
If they know that you are planning on selling the house it means that they will eventually get the full amount of their loan back.
Therefore partial payments for a few months while it is on the market may seem more feasible to them.
It is important that you stress to them that if you cannot make partial payments you will not be able to make payments at all.
While the above scenario seems to make sense for mortgage companies to agree to allow partial payments, there are some mortgage companies that will not agree to such terms.
The reason for this is mostly because of accounting problems.
With a partial payment they will not know whether to put it towards principal or interest.
In this case you can appeal to the loss mitigation department to try and restructure your loan agreement.
Some lenders will require a certain amount of time to pass without a payment in order to grant a loan modification.
However just remember that the faster you contact your mortgage company the more options you will have.
Keep in mind the current housing market.
Most houses are sitting on the market anywhere from six to nine months.
Assess how much you have in savings and how much you think you will be able to pay to your mortgage before contacting your mortgage company.
By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options.
However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time.
Meaning getting your house out of risk as soon as possible.
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