Hello!!!

My Friend is having a Mortgage loan. He is doing a job in Sales-Marketing, His salary is being paid as a Mortgage Loan Installments. Still He has to pay Installments for 7 years. But now he is not getting good salary.

Now the problem is that what will happen if he couldn't pay any of the installments. What should he do now? Is there any way that can save his home, Is there any predefine time duration is given to the borrower to pay installment. How much time will be given him to pay the installment ? What kind of legal Action might be taken if he couldn't pay the installment within the given time duration ?

What he should do to make his Mortgage Loan secure ? Is Refinancing way to reduce the risk of Mortgage Loan?

Dear Hardik Soni,
It seems that your friend is not willing to carry on with mortgage loans and wants to way to get rid of it. If he is facing problem in paying installments then he can contact lender for modification. But remember that your credit score or history both can be jeopardized. Therefore, take this step at last resort. Further, mortgage refinance is also a better source but if you have good credit rating. It will help you to obtain another loan with lower mark up or easy terms and conditions.
Default is not the solution of any problem my dear. Lender have lien over your property and by going into foreclosure, you can loose your home. Take a deep breathe and think over possible chances like modification and refinance. If you have sufficient cushion in your equity, then try for second mortgage. It may help you to overcome your financial crisis but again words of wisdom required to be critically evaluation at your own level. For any further guidance, don't hesitate to contact me on my Email which is given in my profile.
Thanks,
Intuitive Mind

Hello Intutivemind,
Thanks for your reply for this post, is there way to contact with lender and modifications in mortgage loan, is it possible to do so ?
Thanks.

Yes, it is very easy to do.

Ok thank you.
But how is that possible.
What should do for the same?
Thanks.

Hey,
I think you need not worry about that is is really very simple to do this!


Good day...!!

Easy that may be right but my question is that how to DO ? Can anybody provide me full guidelines that can be helpful to my friend.

Thanks.

The FHA official Site is a bank of information along with Fannie Mac (FNMA) and Freddie Mac (FHLMC). Why don't you visit them?

Regards,

Intuitive Mind

Really thanks but it couldn't be possible as I am situated in India, by the way where can I get them ?

Thanks.