Is it better to tell your lender that you will be making anymore payments or just let them force close?

Question

Is it better to tell your lender that you will be making anymore payments or just let them force close?

Answer 1

It is always better to call your lender and explain your situation. Usually they will be able to assist you and possibly even set up payment arrangements to pay off your account.

It is best to keep up communication and do your best to pay off what you have borrowed. Not communicating with the company may cost your more in the end. Your account can be sent to a collection agency, you can be sued for the amount plus any additional costs and it can damage your credit rating.

It is best to keep communication open and be honest and up front about your financial situation.

Answer 2

talk with them they do not want to foreclose--maybe work out a forebearance agrement to save your home

Answer 3

It is better to tell your lender your situation on why you can't make payments.  That way they can help to come up with solution for your situation.  They have new regulation in this subject that would allow you other alternatives.  Letting them force close or foreclose on a property is bad for your credit and which is bad for you.  You could try to sell your proptery for a real low price or just enough to walk away for the propterty debt free. Call the Lender Let them know good Luck

Answer 4

if you don't mind losing the house, then just stop making payments. Then you can stay in the house for free for anywhere from six to twelve months. Foreclosure can be a long legal process.