Prevent Foreclosures

Posts Tagged ‘loss mitigation’

When facing foreclosure, most people wonder if mortgage companies will work with you to prevent foreclosure. The simple answer is yes. However, the extent of how the mortgage company will work with you depends on the individual mortgage company. Although mortgage companies would rather work with you to prevent foreclosure, in practice, it is quite difficult to come to an agreement with mortgage companies.

Why is it difficult to work with mortgage companies to prevent foreclosure?

While all mortgage companies will say that they would work with you and help you however they can, in practice, they are there to gauge how much you can pay, negotiate higher payments than you can afford and send the rest to collection even without notifying you. Most mortgage companies have many departments dealing with people who are behind in payments. It is not uncommon for the person on the phone with you to say one thing and then you receive something else in the mail.

It is hard to talk to the person with authority at the mortgage company. Almost all mortgage companies will treat you as just another case they have to deal with and their objectives are to get as much out of you as possible and as fast as possible. If you are prepared to pay some parts of your mortgage payments, then they are likely to take it but then you are also likely to get a letter from their collection agencies.

How to work with mortgage companies to prevent foreclosure?

Before you contact your mortgage company and try to negotiate, you should find out about all your options. You can get a free foreclosure consultation or you can do a lot of research by yourself.

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Then you can prepare your hardship case that will include sending the mortgage company a hardship letter or several hardship letters to explain your situation. If you have talked to your mortgage company and have settled on a solution, you should get them to put your agreements in writing. Don't
trust that things will go as planned until you see everything in writing.

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