Buying house on a mortgage is a long term commitment running over many years. The problem with serving such long term loans is the consistency in paying installments month after month. Your financial position may not remain same all the years. It may be due to recession in the economy or loss of job. However, mortgage repayment terms call for disciplined repayments or else you stand the chance of losing your home. The lender as per the contract terms may confiscate your property.
What do in such a situation?
There are many borrowers who are unable to serve their repayments. The company has introduced a number of repayment assistance programs to help such borrowers. National City Mortgage offers some solutions to its borrowers to bail them out from the financial distress. A few of the solutions provided by the company are-
· Home Affordable Modification Program (HAMP) - If you are a borrower who is unable to make monthly payments of his mortgage due to lack of money then the company offers a loan modification option to make your monthly repayment within your means.
· Home Affordable Foreclosure Alternatives (HAFA) – The National City Mortgage also offer solutions to borrowers who face foreclosure.
· Home Affordable Refinance Program (HARP) – This program is meant for borrowers who have taken a mortgage loan but are unable to refinance it to lower interest rates as their property prices have decreased. The company offer them affordable refinances options.
In addition to above mentioned programs, there are many other alternatives offered by the company to a homeowner who is behind his mortgage repayments because of a financial crisis.
If you think you will be unable to make monthly repayments of your Mortgage Loan then the first thing you should do is to contact National City and talk to their customer representative. And do it as soon as possible. Give him or her details of your mortgage and explain about your financial situation and request for assistance. Based on your circumstances, the representatives will advice you on the options available. Follow the advice and serve your mortgage repayments easily.
