Expert Foreclosure Help

The Top 10 Blunders That I Would Avoid – If I Were in a Foreclosure

NEVER wait until you have less than 3 days to go before your home is scheduled to be auctioned off: In order to get the best chance of relief from your lender, you need to have a at least a good 3 day cushion to work with BEFORE your auction date. So many people call my office when he sale date is either that same day, or just one day away. That is simply not enough time to get the wheels of your lender turning in your favor. Don not wait till the last minute!

NEVER negotiate with the customer service rep who answers the phone at your lenders office: This is one of the worst things you can do when you are trying to save your home from foreclosure. The customer service reps are the zombies of the company, they know just enough to be dangerous & screw things up. For immediate, intelligent action on your foreclosure, you need to speak to specific people in this guarded department of your bank.

NEVER tell your mortgage lender the exact amount of money you have to work with: As an example, say you have a past due credit card debt as an example; Say you owe $4,000 on the credit card, and you are 120 days late. If you tell the credit card company that you have $4,000 in the bank, you can bet they will demand all of it, right? Your mortgage is a debt that you are late on, and the mortgage company is trying to collect a debt. So the same philosophy goes for the mortgage, it is a past due debt that has negotiating room, and everything can be negotiated. So when your mortgage company asks you for ALL of your past due payments, or even of that amount; NEVER tell them that you have that money stashed away. That is all they need to hear from you to kill any future negotiations. But you need to say the right thing to let them know that you are tight on cash, but serious about paying them.

NEVER tell your lender that your job (or your source of income) will soon dry up: Once again, look at it from the lenders point of view. Why would they re-negotiate your mortgage for you if they think that you will be unable to pay it back? Here is how I would handle it if I were in a foreclosure (wink, wink): Yes, being honest with your lender is important, but this is your home we are talking about! If you think that you MAY not have a job in the near future— tell them that all is OK & your continued employment is no problem. At the very least I WOULD let them know that all is OK with your employment – as far as you know.

NEVER tell your lender that your hardship is due to anything that could be considered silly: You have to look at this from the lenders point of view. Why would they take a chance on you and re-negotiate your mortgage when they know you spent the mortgage money on something OTHER than a necessity? Bad things happen to good people all of the time- and if you are in a foreclosure due to a silly action on your part, DON NOT TELL THEM!!! (By silly I mean: you spent the money on a big vacation, or you co-signed on a car loan for a friend, or you had a drug / drinking problem, or you spent the mortgage payment on anything other than the bare necessities.)

Most of the time, you will need to provide some type of proof (like receipts) that show what you spent the money on. IF I were in a foreclosure- I might say the following: I needed to lend a family member some money for an emergency, and she could not repay me when we agreed. That started the snowball of effect of my mortgage being late. Or: My car broke down & I could not get to work for about 2 weeks while I saved enough money to get it fixed. So I missed close to 2 weeks of work & that started my late payments with you. I would have a reason why I was late, and I would be sure that reason usually does not have a receipt associated with it.

NEVER ignore your lenders phone calls or correspondence: This may seem like a no brainer, but you would be surprised at the amount of people who will stick their head in the sand, hoping that the problem will just disappear. If you keep in contact with your lender, that shows them your being proactive and that you are willing to meet the problem head on. When your lender sees you as a proactive borrower, the chances of getting them to modify your loan will increase. After each conversation with your lender- ask the person on the phone to make a note in your file that you were cooperative and your willing to work out a plan with them.

NEVER sign over your Deed to anyone who represents themselves as a foreclosure help specialist: In MOST cases, it is a scam. The intent is to steal your home & strip it of all of the equity possible. Sad to say, but this is happening more and more out there as the foreclosure crisis deepens. Also- signing over your Deed does NOT relieve you from making your payments either.

NEVER abandon your home if you are in a foreclosure: The lender will NOT work with you to resolve your foreclosure if you moved out of the property in question. They will also assume that you have just given up & that you do not care if the situation ever gets resolved.

NEVER pay a foreclosure rescue company UPFRONT fees to negotiate for you. If you MUST use one of these companies, pay ONLY after the service is complete. I don not want to sound biased here, but I can honestly say that approx 60 to 65% of the people who call my office for help, have ALREADY given $1,500-$2,500 to a foreclosure rescue company, and have NEVER HEARD FROM THEM AGAIN! I am not saying that all foreclosure rescue companies are con artists, but you just need to be careful in todays environment. If someone tells you they can fix all of your problems for an up front fee of $1,500- it MAY be too good to be true.

NEVER destroy any part of your property if your in a foreclosure: If you need to move out of your home, chances are the lender (or a representative of the lender) will contact you before your home is sold at auction, & offer you something called Cash for Keys. This is where the lender will give you (lets just say for example- $500) if you leave the home in good condition after your home is sold at auction. The reason for this? Its MUCH cheaper to pay YOU $500 to keep the property in good condition, than to pay a cleaning company / construction company / painter, etc, to get the home in shape to sell it again.

In my opinion- If I were facing a foreclosure, I would NOT rely on the help & mercy of others because there are too many sharks in the water. I would take some type of positive action myself, & get the process moving. It is the people that curl up & lie on the floor in a ball that get kicked out of their homes. You just need the proper information to kill the foreclosure, that’s all. That’s what most people don not have, information. They get depressed and start to think that they are in a David VS. Goliath situation & they just throw in the towel.

Either way, you need to be proactive and take some action.

Our guide will show you how to save your home from a foreclosure, AND how to get a new loan from your current lender – BY YOURSELF. When you read my manual, How to Stop, Stall or Kill your Foreclosure, it will not take you long to realize that you can probably handle this situation BY YOURSELF, for less that $50. And you probably DO NOT need to blindly trust in a total stranger & pay them thousands of dollars to help you.

For more information, log onto http://www.DIYforeclosure.NET