You may have water damage to your home or business. If mortgage payments will be missed, please take steps to reach out to your lender.
Contact your mortgage company directly to work out a deferment plan for the monthly payments. This is a federally declared disaster, and lenders are being encouraged by the government to accommodate borrowers. They may do it with little or no penalties or late fees.
During Katrina, most of the lenders did this for their customers affected by the flood.
Please note: Any deferment of payments will be added to the balance of the loan. We suggest you do this before the first missed payment to avoid a history of delinquency.
A final option may be a Chapter 13 bankruptcy. If all other efforts fail, you may still be able to stop foreclosure with a bankruptcy filing. This is not the first option to try. We expect most mortgage holders will be reasonably helpful. If other options do not work, it is always something to consider.
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