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Five Things Never To Tell Your Mortgage Lender When Facing
Foreclosure
1. Never discuss your household finances over the phone with
the collection department. What you don't know is that you are
being qualified and not know it. This is the easiest and fastest
way to get a turn down. Request a homeowners assistance package
so that you can submit the require information.
2. Never tell them you are broke. Even though you may qualify
for a special forbearance or modification, you will still need
legal fees and foreclosure cost. These fees cannot be put back
into the loan. Your lender prepaid them to their attorney to
start the foreclosure process.
3. Never tell them you do not live in the property. Under FHA
guidelines, before you are granted any workout, you must reside
in the property. If you have moved out and your property became
an investment property, you better get someone in there with a
lease or rental contract before the sale date.
4. Never tell them you are not working, in most cases you will
not be approved. Depending on your sale date, your mortgage
lender may not be able to qualify you for a special forbearance
because of the amount of time left.
If you can't find a job, I suggest you start a small business
months before your sale date, make some money, deposit your
income and prepare a Profit and Loss Statement to prove income.
Telling them you get paid cash and you can't prove it won't hold
water.
5. Never tell them the reason you fell behind is because you
mismanage your money. How do you expect for them to give you a
workout when you still have the potential of falling behind
again?
Copyright, Bobby Johnson-2004, All right reserved
About The Author
Bobby Johnson is a Comprehensive Financial Planner who speaks
on the topic "How to Eliminate Debt and Build Wealth", "How To
Get Triple AAA Credit with The Help From The IRS." " How Business
Owners Can Save Their Business Without Filing Bankruptcy" he is
the author of "Four Hours to Financial Freedom" and "Attract More
Clients, Win Back Pass Customers & Make More Money". Bobby
has saved homeowners millions by not filing Chapter 13 and
exposing the secrets used by mortgage lenders title in his latest
book " How To Save Your Home From Foreclosure and Not Lose Your
Mind" Http://www.foreclosuremanual.ieasysite.com. You
may reach him by email: [email protected].
MORE RESOURCES updated Tue. May / 30 / 2023
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