Its good to see that the lenders out there are working diligently on trying to help people keep their homes! Here are some options you have when talking to your lender.Your lender may offer other options to you if you need to modify your current loan to a conventional loan.
1.Freeze the interest rate to the initial/Start rate.
2.Freeze the interest rate to the initial or start rate for 5 years or more.
3.Reduce the interest rate to at or below the start rate.
4.Reduce the interest rate to below the initial start rate.
5.Extend the terms of the loan.
6.Reduce the principle balance.
7.Put together a forebearance plan.
Keep in mind that the lenders are supposed to be working with you-per law but they are not going to offer up the kitchen sink on the first call. Negotiating is the hard part here if you are behind in your payments.
You may feel that you have to take the first offer the bank suggests to you but knowing your options gives you real power in the negotiating process!
Contact the lenders immediately if you fall behind and tell them your situation..explain in detail why you can't make the payments.They will look at different scenarios differently according the the facts that you tell them.
If you took out a second and bought a new Mercedes...well they won't be too excited about doing any negotiating!
If you lost your job and your child has cancer...they will talk with you and work something out if they can...
The main point here is to contact the lender and discuss with them where you are at!!
Doing nothing is a choice also...everything is a choice....
Choose to communicate!
I know it is stressful but you must...
Do it now!
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If you just can't make the payments anymore and have exhausted all your possibilities consider a short sale instead of a Foreclosure! A short sale won't devastate your credit like a foreclosure will...
Contact me today to discuss what a short sale is and how it may benefit you.
Regards
Rick Goates
ECO Broker
Keller Williams Realty
Redding
96001
530-248-5627
www.rickgoates.com
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