Millions of Americans have been affected by the economy and the depressed housing market, creating a climate in which we've seen an unprecedented number of foreclosures.
Many homeowners have been affected by a job loss, divorce, a mortgage re-set, a mortgage re-cast, or any number of other potential factors that have made it difficult –if not impossible—to afford their mortgage.
With the economy in shambles, soaring unemployment, foreclosures are occurring at the highest rate in history and no one knows exactly when our economy will recover! No wonder the only companies thriving in this economy are companies like McDonald’s, Wal-Mart, Anheuser-Busch and Pfizer!
But the reality is, most foreclosures can be prevented. While there's no magic bullet, the most important thing a homeowner can do is....
Stay Positive and Stay in Touch!
Many borrowers are so overwhelmed by their financial situation that they stop staying in touch with their lender. This is a big mistake. Loan modification is getting easier to do with many (but not all) lenders, and with the Obama plan, many lenders have simplified the process. Moreover, the banks have been under increasing pressure on banks to find every alternative to foreclosure for distressed homeowners. I have clients I've coached who just 3 months ago couldn't get their bank to work with them, and now lenders have become much more cooperative.
While trying to keep up with one's mortgage payments and the threat of foreclosure can create serious financial distress be emotionally draining, it is imperative to keep the channels of communication open.
As my title indicates, more than 50% of foreclosures could be prevented by staying in touch. The lesson is simple: STAY POSITIVE AND KEEP IN CONTACTl!
To learn more about foreclosure prevention and loan modification, please visit my comprehensive, free seven lesson online course at Loan Modification for Free!
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