How To Stop Foreclosure – 4 Questions You Must Answer With Your Mortgage Lender

Mortgage companies are in the business of lending money and getting paid interest on the money that they loan out to their customers.
Mortgage companies are not interested in being home owners or landlords. If you think about it, they are not set up for doing business that way. Banks are no more set up to be homeowners as Ford automakers are set up to be Toyota car manufacturers.
Why do people think that their mortgage company wants their house? It seems likely that someone might think their lender wants their home because the lender is not being very cooperative about working with them to get their mortgage back on track.
Well, lenders are not that excited that someone is behind on their mortgage. They will be looking for the best way to protect the bank’s money – not be nice and reasonable with the delinquent homeowner.
If you are going to speak to your lender about being behind on your mortgage you should be prepared to discuss:

What happened? – why are you behind on your mortgage. The key to having this conversation with your lender is to not blame them.

What is your current financial situation? – be prepared to discuss your income and what you have in the bank. Your lender will not do much for you unless you have a job and can show them that you have the ability to pay them consistently moving forward.

Have you corrected the situation? – this is a big determinant in how far your mortgage lender is willing to work with you. If you haven’t found a solution for your problems then your mortgage company will most likely sound like they want to own your home because they won’t have answers for you. But if you show them that you have worked out your problems, you will have a better chance at getting help from your lender.

How attached to the home you are? – with this discussion, you will need to demonstrate to your lender your commitment to your home and your living situation. Showing apathy towards your home will likely result in a short conversation that leaves you short of saving your home.

Hopefully this information is helpful to you. If you need some additional information or would like to talk to someone about your situation, please complete the form below and we’ll see what we can do about getting you some help.