Many people are having difficulty with their mortgages for one reason or another. We all have heard about Michigan's forecloures rates as well as the rest of the US. Many of us are banging our heads against the wall trying to talk to someone at their mortgage company. It can be mind numbing! I can empathize with what you're going through as I help a lot of people with short sales. So, I talk to these banks on a daily basis. Some mortgage companies are better than others. Here's a few tips to hopefully help you when dealing with your lender:
- Document all phone calls, who you talked to, date and time and the nature of the conversation and the result.
- Don't be afraid to ask for their Manager if you feel you are not getting the answers you need.
- ALWAYS be polite ... kill them will kindness!
- Ask questions to understand their process.
- Create a dialogue sooner than later. DO NOT wait until you are facing the sheriff sale or worse when your redemption period has expired.
Additional things you must be doing:
- Talk to a mortgage broker, they can help assist you in possibly working out a loan modification to help make your payments more managable.
- Don't bury your head in the sand, this problem will NOT go away.
- Always communicate with the lender and start the dialogue early. (I said this one already ... YES, it's that imoprtant!!!!!)
- If you have to sell your home, but owe more than it's worth, consult with a few different Realtors who have had experiene in dealing with short sales. Get it on the market NOW.
If you are still not getting anywhere with your lender, you can always call the Attorney General. I have been successful several times in getting the names of contacts who can HELP me. Who are decision makers who can make things happen. If it's Fannie Mae or Freddie Mac there is always the Office of Federal Housing Oversight (www.ofheo.gov). I just recently was sucuessful in negotiating a buy back for a previous owner who lost her home and the redemption period had expired.
Don't give up and don't hesitate to seek professional assistance from a mortgage professional or real estate professional.
Feel free to visit my website at www.ClickThisHome.com and email if you need any assistance or more information.
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