The first thing you do is to take a deep breath and realize that you have some time to work things out and realize there are solutions.
It is not a real pleasant thing to have a sheriff knock on your door and hand you paperwork that says your bank has begun the process of taking back your home but you can almost always work things out via a loan modification.
A loan modification is a process where the borrower and the lender work out different payment arrangements than originally agreed upon. The banks and lending institutions have certain criteria they go by when offering a loan modification and vary somewhat from institution to institution.
After you take a deep breath consider some of your options before taking action.
Your choices are basically:
1) Pack up and leave the home if you have a place to go.
2) Beg, borrow and steal to get the money for the past due payments.
3) Work out an arrangement with your bank.
Numbers one and two do not appeal to most folks so you need to work on the third option if at all possible. Working out an arrangement with the bank can be stressful to say the least. You will need to gather certain financial documents, put together letters of explanation and get documentation from third party sources.
All that can be time consuming and cause you to lose some sleep at night but a loan modification can save your home and the equity that you have worked for over the past years so it is certainly worth the effort whether you handle it on your own or use a loan modification firm.Immobilienmakler Heidelberg Makler Heidelberg
Source by Will Stone