Loan Modifications - How To Work With Your Lender
March 30, 2009, Writen by: Chris Anderson, Ph.D
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Talk to almost any ethical homeowner these days that is having trouble with their mortgage and they will tell you the same story……
I talked with my lender but could not find anybody to help…. they told me my loan would need to be in default before anybody would talk to me seriously.
Suppose that you are actually one of the lucky people who gets to a potentially cooperative lender. Now what? There are some major things you should do at that point to maintain this relationship. Yes, it will be work but it will also potentially be extremely important for your financial future.
To be successful in this process, you have to understand how to make it work for BOTH you and the lender. Keep in mind that this will probably be one of the more emotional things that you will have to go through, so one of the tricks will be staying professional and leaving your emotions at the door. Tough to do I know.
Another common mistake is playing your cards a bit too close to your chest. Any lender is trying to sort through two scenarios: Is this person BSing me or do they have a true hardship on their hands: in the laer case, the LENDER KNOWS is is in their best interest to work with you. As a recent Realty Times article put it:
Only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health. Understand your lender’s point of view Regardless of how you ended up in the situation you’re in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court.
This is just a couple of the tricks to use. If you are facing this situation, then this article is definitely worth the read.
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3 Responses to “Loan Modifications - How To Work With Your Lender”
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Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
Thanks for this insight.
I recently was in default of my mortgage and waiting (almost 3 1/2 months) for my lender to modify my loan with no results until I finally got the attention of a Senior Supervisor by calling six times a day. Only then was I taken seriously. In the final weeks of looming forclosure, I cashed in my IRA’s prematurely and borrowed from family to bring the loan current. Now I’m contesting the attorney fees that the mortgage company incurred since their delay in resolution resulted in the legal action against me.
Some people may not be aware of this important fact. Once your loan is accepted into the loan modification program, you are advised against remitting your regular house payments by the mortgage company, thereby the entire process causes one to fall into forclosure territory while waiting for the mortgage company to arrange modification of loan. When you wait three plus months for an answer, you fall in forclosure territory.
Any thoughts?
May I quote your writing in my expose’ letter?
DA