When most homeowners are facing foreclosure, the first thing they do is hold a grudge against their mortgage lender. Thinking the lender is out to get you, is the wrong way to go about stopping your foreclosure. Remember the lender is not trying to hurt you personally; they don’t take pleasure from sending you a foreclosure notice. So maybe it is time to drop any underlying grudges, you have to communicate with your lender and try to turn them into one of you allies. Mortgage lenders are actually one of the first people you should turn to when facing foreclosure.
Your first step, to working with your mortgage lender is to contact them; most likely you won’t receive a call from them if you’re in trouble, but they will be willing to talk, if you call them. If you are financially hurting and facing foreclosure, call them as soon as possible and see what options they have for you. Instead of going over all your problems on the phone, schedule an appointment to come in and speak with them directly, this will show them that you are seriously looking for help. Obviously, don’t attempt this if your lender is in another state, but if it’s not to inconvenient, meeting with them in person could make a big difference.
Before you go in to meet them, go over your finances and what you owe. Ask them for any paperwork you may need beforehand. They should have a standard packet that will ask all the questions they need to know. You are going in to try and sell your mortgage lender on a plan to stop your foreclosure. In order to do this, you need to come up with a “plan” on how you are going be able to pay them. The more organized and controlled you are the better chances of receiving foreclosure help. Know what you’re going to say and how your going say it, practice it a few times before going in.
For your “plan” of action, show them proof that you are just temporarily hurting for money. Show them you have been job searching, even bring in your resume. Tell them about upcoming interviews you may have. Lenders are not going help someone who looks to be a risky investment, with no future plan. Show that you care about your home and you are going to save it.
If you are out of work due to an injury, show them a note from your doctor telling them when they expect you to be able to work again. This will prove that you do intend to make your mortgage payments, as soon as you can get back on the job. Remember always bring the proof with you don’t just tell them about it, this shows you are very serious.
Attitude and appearance are very important things to consider as well. But this doesn’t mean you have to go out and buy a new suit. Just make sure the clothes you are wearing are nice, clean and ironed, shine your shoes up, take pride in how you look. Walk into the bank with you head held high, have a strong handshake and look people directly in the eye. As for your attitude, leave it at home; don’t go in with a chip on your shoulder. Make the mortgage lender like you, they will be more willing to help you, if they don’t end up feeling threatened.
In the end the mortgage lender should have some options for you, just make sure that you can meet the requirements of any offerings they have for you. If they lower your mortgage payments for a certain amount of time, you’ll want to make sure you will be ready to pay full price again at the set date they give you. Otherwise you will just find yourself in the foreclosure process all over again. When the lender comes up with solutions, take them home and think about them for the night and give them a decision first thing in the morning.
Not all lenders will be cooperative, so you may need to speak with a professional, who has more experience that you do at this sort of thing, but ultimately, if you want to save your home, there should be a resonable solution!
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