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There may be many reasons why a homeowner is not able to make a mortgage payment. It could be a recent divorce, unemployment, medical debt or maybe you purchased a h

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ome using an adjustable rate mortgage and the monthly payment has gone up considerably. But the fact of the matter is, you do not have to fear that dreaded word of f

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

oreclosure. There are many alternatives to avoid it. Here are some ways that can help:

• Contact your lender and set up a repayment plan. In order for this alternat

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ive to take place, it is very important to contact your mortgage lender as quickly as possible, preferably the first month of delinquent payment. Explain to them you

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

r situation and ask about the possibility of a repayment plan or suspension of payment. Most of the time lenders will work out a plan unless they find you an extreme

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ly high risk. Be prepared to share your personal finances with them.

• Modify your mortgage by extending the life of the loan. This can be done by your mortgage co

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

mpany if you explain to them your reason for not being able to make payment. Lenders can modify your loan by refinancing, extending the loan terms, lowering the inte

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

rest rate or rolling the delinquent debt back into your loan. All of these ways can help you tremendously catch up and be current with your mortgage payments.

• Sel

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

l your house before foreclosure. If your lender allows you to, you can sell your property for an amount less than amount you owe to the lender. If you can sell your

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

house, the lender will take the proceeds and usually forgive the remaining debt you owe. According to the U.S Department of Housing and Urban Development, you may qu

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

alify for this if your loan is at least 2 months delinquent, you are able to sell the house within 3-5 months and if you get a new appraisal for your lender.

• Last

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

Resort: voluntarily give back your property to the lender. This is called "Deed-in-lieu of foreclosure." This will not save your property, but it is not as damaging

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

to your credit as foreclosure. You may qualify for this if you did not qualify or were unable to do the other options or if you were unable to sell your house befor

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e foreclosure. Your lenders make the decision on this one, so again it is very important to explain your situation in details and give them all the information they

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

need.

Below is a time line of the foreclosure process so you can see when to take precautionary action in avoiding foreclosure.

Source: Bankrate.com

Day 1: Mortga

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ge payment due today. Borrower misses payment.

Day 16-30: Late charge assessed on payment. Mortgage lender starts making phone calls to you regarding missed payment

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

.

Day 45-60: Lender sends "demand" or "breach" letter to you explaining that the terms on the loan were violated.

Day 90-105: Lender hires local attorney to initi

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ate foreclosure proceedings.

Day 150-415: Property is sold in auction.

Day 150-415+: After the sale, some states grant you a "redemption period" in which you can s

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

till re-buy the property if you get your finances in order.

In conclusion, if you are afraid you might fall behind in mortgage payments in the near future or if you

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

already have fallen behind in payments, it is very important to contact your lender immediately and let them know your circumstances before they start harassing you

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the enviable position of being able to pay off your card every month then you are amongst the few. If like most you don’t then we can offer you some guidance.

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