fallin behind

Hi James P.Let me first say Congratulations on your new job! Many hardworking Americans have found themselves in the same position. I'm glad you never gave up!The answer to your question depends on many things. The most important thing you can do is read your mortgage note. If you would like help interpreting the note feel free to call me at 603-543-3700 ext 1. Almost all mortgages have a clause which allows you to cure your default by catching up on what is owed. If you do not have all of those funds as you are just back to work, some lenders will work with you to help you get caught up. Do not be concerned about calling them. They may offer you options that you never knew you had. Because I know so little about your situation it is tough to direct you further. If you would like more specific guidence please feel free to give me a call.Wishing you the very best.Don LaPlumeThe Mtg Professor

James, call your lender. Be patience you may get transferred a couple of times. Once you get to the right person most lenders are very helpful about putting a plan together for you to catch up. However, write everything they tell you down and make sure when you do this you get the name and id number of who you talked with - each and every time. Ask them to send the info to you in writing so there is no mis-communcations. Good luck and congrats on finding a new job. If you have any other questions, feel free to call me. I'm in Salt Lake - so I'm local - 801.550.1222.

Talk with your lender and make some arrangements with them to get caught up. If you don't say anything and just let it go, things will be worse. They may be able to work out a plan that will help you and will not continue to reflect badly. Good luck and let me know if I can help.

James - Congratulations on your new job! Don and Linda have both given you great advice. If I were to expand on this, at all, I would say that you're probably going to be talking to the lender's loss mitigation department; that might help you get directed to the right place. Most likely the word that will be used for your situation is "forbearance." Since you're now employed, I don't think you'll qualify for the Home Affordable Unemployment Program, but there is a good chance you'll have an option with the Home Affordable Modification Program if you have a conventional loan. If your loan is FHA, there is an option I've seen that essentially defers a balance of your loan until after your originally scheduled payoff date. Just be sure to understand the pros and cons of any options you're given regarding a forbearance or modification; sometimes these things are less desirable of an option than it initially sounds. Here is a link to the Home Affordable Unemployment Program for your review. http://www.makinghomeaffordable.gov/programs/unemployed-help/Pages/up.aspx