Don't push the envelope! Open It!
I went to a client home for to do a listing presentation for a possible short sale. After going through the presentation and looking at all of the paperwork that the client had. I noticed that there were several envelopes that the clients had that were from the mortgage company. Many of these envelopes were not opened. I asked why they did not open the envelopes and they said because they knew that they did not have the money to pay the mortgage. We sat there an opened the envelopes. The mortgage company was trying to get in contact with them to work out a solution instead of foreclosing on home. The couple really wanted to keep their home but was afraid that they could not come up with the mortgage payments that they were in arrears. They were not even aware that they could work out a repayment plan with the mortgage company. With the repayment plan the past due amounts are divided and added onto the regular monthly payments. This can be done for an extended amount of time, this allows you to bring the loan current. Plans for repayment can be made for as short as 3 months, or as long as 24 months. This was just the option that they needed. The husband was laid off and it took him 4 months before he could find a job. The family was struggling to pay all of their bills with just one income. Even though they were behind on their mortgage they were now able to make payment arrangement to keep their home. This was great because they were able to prevent foreclosure. Many mortgage companies will allow you to make repayment plans.
So please don't push the envelope, open it!
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