Question removed

Asked by Charity Barnes, Flowood, MS Sat Aug 4, 2007

This question was removed by Trulia moderators.

Answers

4
George Anton…, , Branford, Clinton, Deep River, East Haven, Essex, Guilford, Killingworth, Madison, Old Saybrook and Westbrook.
Sat Aug 4, 2007
Speak with your lender. Try and get past the front line people or collections they are usually not the decision makers. What you can do is try to work out a lower rate if that will help you.

Lenders do not want your property. If there is a way to work it out they will work with you but try to get to a decision maker.

If you just cannot keep up the payments no matter what then, yes contact an agen and get going. The bank will back off somewhat if they know you are trying to sell but the fees will add up quickly and they will be high if you delay.
3 votes
Ellen Chung, , San Mateo, CA
Sat Aug 4, 2007
The reason behind why you missed one payment is the first question to ask. If the reason is just that you forgot, or your direct payment didn't go through due to insufficient funds in the bank, then just give the lender a call and make the payment immediately. In the case that they are going to charge a late fee, you can try to negotiate with them using your timely mortgage payments in the past to support your bargaining attempt.

If the reason behind missing the payment is due to the inability to pay, then I completely agree with Cindi. Give the lender a call and discuss your situation with their mortgage payment department, they will most likely work with you to find a solution. With all the foreclosures and financial problems nowadays in the market, many lenders are much more willing to negotiate and extend the deadlines for mortgage payments. Banks would much rather work a little harder, work something out with the borrower directly, than to foreclose on the property. It's simply too much trouble for them. Good luck!
Web Reference:  http://www.simpluxe.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Sat Aug 4, 2007
Immediately call your lender and explain your situation. With the number of foreclosures currently on the market, a lot of lenders have "work out" departments that will help you get back on track. (Charity....I find it intersesting that you both posed and answered the question yourself.) Good luck with you deliquency.
Web Reference:  http://www.cindihagley.com
0 votes
Carrie Crowe…, Agent, Southaven, MS
Sat Aug 4, 2007
If you missed on payment on your mortgage, you need to contact your mortgage company and get them to work with you if possible to make arrangements to keep from missing more payments. If you have been laid off and are not going to able to make payments for an undetermined amount of time, I would suggest trying to sell the house while before it gets taken away from you. Working with an agent that has experience in preforeclosure would be a plus. They can help you negotiate a short sale or look at other options should it be necessary.
Web Reference:  http://carriecrowell.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more