Property Tips & Techniques - Articles & Advice

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

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: bjohn54928@aol.com.

Related Pages

Closing Costs Explained - Information about home loans closing costs and good faith estimates provided by lenders within three days of your mortgage application.

Home Buying Strategies - Five home buying strategies to make your transition easier - Get pre-approved for a mortgage is key to making a clean offer on the new home you want.

Real Estate Investment Tips - Seven real estate investment tips - Best sources for investment property loans - How to find good real estate investment properties for resale.

Passive Real Estate Investments - Overview of passive real estate investments - How to free up your time by investing in real estate limited partnerships - Triple net lease investment property.

Rehab Homes For Profit - Buy a fixer-upper - How to rehab homes for profit the easy way - Look for the right house to rehab and contract out the repairs.

Down Payment Leverage - Avoid PMI with a two-loan strategy. How to grow your equity faster.

Home Loan Online - Discover the best ways to get the lowest rates - Links for checking current rates.

Loan Directory - Complete home loans directory for thousands of loan products, companies, brokers, and lenders. Search our loan directory by keyword or by category for complete listings of all things related to mortgages, home equity loans, refinance, and more.

In The News

	Web Home-Loans-Help.com