What Can You Do To Stop Mortgage Foreclosure?
Wednesday, December 1st, 2010It may feel like your options to stop mortgage foreclosure are limited when you are in the middle of foreclosure. Unfortunately, that is the truth. Because unless your mortgage company has done something illegal, you will likely have to work with them in order to stop foreclosure. So how do you do that?
The first thing that you need to understand is that you are a number to them. You are a mortgage number and a loan amount. So be prepared to tell your story several times to several people. You might want to even write yourself a brief script of a few sentences so that you have an idea of what to say each time. You will also need to be persistent. You will have to call them and then call them again and again. Be polite and be sure to always leave your mortgage number, name, and phone number on every message you leave. If your call is urgent because of an upcoming deadline, let them know that. Do not lose your tempter with them. They are just doing their job.
Be honest with them about what your financial situation is. If you have had a recent major financial event in your life, tell them that. It may be what qualifies you for a workout package with them.
Be prepared to fill out a lot of paperwork and to provide them with detailed financial records. Have your most recent three years of tax returns ready and several months of your current financial records.
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