A new report just released by state attorney generals and bank supervisors from across the country shows that over 60% of homeowners who are behind on their mortgages are not undertaking any kind of loss mitigation whatsoever with their lender.
If this number is true it means that more than half of people who are behind on their loan are not trying to do anything about it from the perspective of working something out with their lender. Of course there are probably many people who are working with their lender to get a loan modification, but the lender has no idea because of how backed up and unorganized most of the lenders are. However, a number even half this large would still be startling.
It is very common that people do not want to speak to their bank when they are behind. If you owe money somewhere and cannot pay, it makes sense to not want to communicate with them. The problem is that this can be the worst thing to do. There are very good programs out there to help people in trouble. Also, if you do not want to speak to you lender yourself, there are some good loan modification companies which will do so for you. If you are late on your mortgage and don't know what to do, visit Loan Mod 411. We can help steer you in the right direction.
