Things Never To Tell Your Mortgage Lender When Facing Foreclosure
discuss your household finances over the phone with the collection department.
What you dont know is that you are being qualified and not know it. This
is the easiest and fastest way to get a turn down. Request a homeowners assistance
package so that you can submit the require information.
tell them you are broke. Even though you may qualify for a special forbearance
or modification, you will still need legal fees and foreclosure cost. These fees
cannot be put back into the loan. Your lender prepaid them to their attorney to
start the foreclosure process.
tell them you do not live in the property. Under FHA guidelines, before you are
granted any workout, you must reside in the property. If you have moved out and
your property became an investment property, you better get someone in there with
a lease or rental contract before the sale date.
tell them you are not working, in most cases you will not be approved. Depending
on your sale date, your mortgage lender may not be able to qualify you for a special
forbearance because of the amount of time left.
you cant find a job, I suggest you start a small business months before
your sale date, make some money, deposit your income and prepare a Profit and
Loss Statement to prove income. Telling them you get paid cash and you cant
prove it wont hold water.
tell them the reason you fell behind is because you mismanage your money. How
do you expect for them to give you a workout when you still have the potential
of falling behind again?
Bobby Johnson-2004, All right reserved
Johnson is a Comprehensive Financial Planner who speaks on the topic How
to Eliminate Debt and Build Wealth, How To Get Triple AAA Credit with
The Help From The IRS. How Business Owners Can Save Their Business
Without Filing Bankruptcy he is the author of Four Hours to Financial
Freedom and Attract More Clients, Win Back Pass Customers & Make
More Money. Bobby has saved homeowners millions by not filing Chapter 13
and exposing the secrets used by mortgage lenders title in his latest book
How To Save Your Home From Foreclosure and Not Lose Your Mind Http://www.foreclosuremanual.ieasysite.com.
You may reach him by email: firstname.lastname@example.org.