08/14/2026
I was reading a post in one my home group about the person who several mortgage payments and his lender won't work with him.
I'm not surprised. Majority of my real estate business is coming from individuals like the poster. If I may provide advice to anyone who may be or will be in a similar, first, do not wait until lender contact you.
No matter what your hardship is reach out Ideally before the first missed payment. Definitely before the 2nd missed. Most lenders have retention options available if they know you need help. Especially, if the hardship is long-term or permanent, such as a loss of income.
Once you get to and beyond the 6 months past due, the amount due make it is near impossible to qualify for retention options and depending who is the loan guarantee backer, you limited to fewer options and a review period.
Whike waiting for the review, the foreclosure does not stop and amount owed to lender continues to grow.
What the lender may offer after the review is trial period before formal loan modification is awarded. The trial period payment in most cases greater than regular payment.
If a borrower had issues paying their regular payments, asking the borrower to pay the regular mortgage plus 1/12th of the past due payment is a no win scenario.
Again, reach out at the beginning of the missed payment. If not, set aside as much you can for a trial period a lender may offer.
Loan modification and short sale negotiations is not easy or short. If you know anyone facing hardship and to have clearer idea of the process, please forward my contact info. Les Edwards Jr.