Five Things Never To Tell Your Mortgage Lender
When Facing Foreclosure
by Bobby Johnson
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
About The Author
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.
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