Negotiate With Your Lender And Stop Foreclosure
Topics: Negotiate with Your Lender and Stop Foreclosure, Negotiate with Your Lender, stop foreclosure, Negot
If you’re going through foreclosure and you haven’t spoken with your current lender, you’re not alone. In fact, most people who go through the foreclosure process never even pick up the phone to negotiate with their lender to try and stop foreclosure.
I’ve been a real estate agent a long time, and most of the clients that call me to try and save their home, have never picked up the phone, called their current lender and tried to negotiate and stop foreclosure. Most of the time, it’s a combination of embarrassment and lack of knowledge that makes people reluctant. But if you know just a few simple secrets, you can negotiate with your lender and stop foreclosure. Let me tell you how.
First a Couple of facts About Lenders and Foreclosure:
1.) Lenders hate foreclosures: It costs them money, it costs them time and they will never recoup their losses if your home goes into foreclosure and they have to sell it. The lender will incur attorney fees, Realtor fees, property maintenance fees and a host of other expenses that make the foreclosure process a last resort for them.
2.) Lenders Employ Real, Live People: I understand you are reluctant to negotiate with your lender and stop foreclosure on your home. Many people think of their lender or bank as a large, unemotional institution. But the truth is, the people you will talk to our just that: people. They’ll listen to you situation and will genuinely try to work out a situation that can help them and you. Don’t be afraid.
How to Negotiate with Your Lender and Stop Foreclosure
Hopefully you’re a little less afraid to pick up the phone to negotiate and stop foreclosure. Now you need to know what to say and how to approach the bank when you do call to negotiate:
1. Don’t wait until the last minute: If possible, talk to your bank before you go into foreclosure. If you already are in foreclosure, don’t wait until the last month of the process, call them now.
2. Tell them the truth: If you lost a job, tell them. Medical bills? Tell them. Many times a hardship can help you renegotiate, avoid foreclosure and start getting back on track with the lender.
3. Don’t be afraid to Haggle: Banks hate having one of their properties go into foreclosure. It costs them large amounts of money both in lost income and expenses for attorneys and real estate agents. Use this to your advantage and don’t be afraid to ask for a rate reduction, payment deferments, etc.
If you take anything away from this article, please understand that you can negotiate with the bank to stop foreclosure. In fact, the lenders would rather have you call them than have your home get foreclosed on!
In the rare instance where your lender won’t work with you, you can use one of the systems we’ve reviewed to help you out. See the about me / resource box for a link to our review page.
Good luck and don’t be afraid to negotiate with your bank to stop foreclosure!
As a real estate agent specializing in foreclosures and HUD homes, I’ve seen to many people watch their homes fall into foreclosure. I’ve set up this site to help you compare the available systems to help you: www.thestopforeclosuresystem.com.
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