Don’t get shocked f an unfamiliar company hands you a piece of document saying that they have bought your mortgage loan or now serve your mortgage loan in Kolkata. Lenders often sells the mortgage loans they have undertaken to other companies. This is not a problem for you as a homeowner. This generally means that you have to send your mortgage loan payment to another company. You can directly call your lender or ask Riddhi Siddhi Multi Services consultants in case such event occur in your mortgage loan in Kolkata.

If that happens, you’ll be sent all the information you need from your current servicer and your new servicer so there is a smooth transition. It’s wise to read carefully all correspondence related to your mortgage loan and keep company names, mailing addresses and telephone numbers in a file.

Working with Your Lender to Prevent Foreclosure

If something happens in your life that has a negative impact on your ability to pay your mortgage loan in Kolkata, contact your mortgage servicer immediately. This is important: make that call as soon as you realize you won’t be able to make a payment. It’s not a conversation anyone looks forward to, because it can be embarrassing and uncomfortable. But remember, you’re dealing with professionals who understand just what your options are and are trained to help you make the right choices to keep you in your home if at all possible.

Community Resources

Nonprofit housing and credit counselors in your community can also provide assistance by helping you analyze your financial situation and put together a spending plan to help you pay your mortgage loan in Kolkata and other monthly expenses. These counselors can help you find and take advantage of local services or programs that provide financial, legal, medical or other support.

Protecting Your Good Credit and Your Home

Your house has real monetary value and the potential to be a source for building wealth for you and your family. That’s one reason why you could be the target of scam artists and unscrupulous people who want to give you loans against the equity you have in your house. Your equity is the amount your house is worth on the market, minus what you owe to your mortgage lender.

Be careful when you get these offers in the mail, by telephone or in person. If an offer sounds too good to be true, it usually is. Remember, it took you time and a disciplined attitude to build a good credit history and it’s because of that good credit that you were able to obtain the approval on your mortgage loan.

Prevention Checklist

It is important that you take a conservative approach to long-term homeownership. Plan for things you need and want and prioritize them. Be careful with your credit and cash. Remember the following:

•Keep all your documents in a file in case you need to take legal action to protect your property and other assets.
•Create a spending plan that everyone in your family will follow; be sure to include new house expenses.
•Start a savings account for unexpected emergencies like extensive home repairs, illness and loss of employment.
•When using credit, always plan ahead for your purchases. Never make a major purchase on impulse. You need to have a plan for paying off that purchase. Ask yourself: “Do I really need to buy this now?”
•Protect your personal information and never share your Social Security number and account information with unknown companies and individuals.
•Never sign any document you don’t understand, and don’t allow anyone to pressure you into signing any contract you don’t want to sign.
•Take advantage of free workshops on money and credit management from nonprofit groups in your local community.