|Stressed out, panicking, worried about the next
telephone call, it can mean big problems for you if you are a cash-strapped
homeowner. When there's too much month left at the end of the money,
what does a person do? The following are some tips to ease your pain.
Don't procrastinate. If you are unable to pay the mortgage even
just one month, contact us and we can try to work out something
with your lender. The lender will typically need your mortgage information,
documentation to support your current income, a reason why you are
late and if it is a short or long term problem. We want to help
you and your lender wants to help you. Lenders don't want to deal
with marketing, fixing up and reselling your home or any other homes.
But, lenders don't have a lot of choices unless we work out something
for you. Lenders don't have the staff, time or system to process
all the requests they receive. By being diligent, thorough, and responsive to the lender, we strive to ensure that your application is complete so that the lender can review it quickly and efficiently, which maximizes the likelihood of a successful outcome for you.
You need to know your finances.
Keep your checkbook balanced (or at least as close to balanced as
possible). Stay on top of your bills, know which are current and
which are late. Budget your money and plan your cash flows, based
on expected future income. Those with unpredictable incomes from
sales jobs or self-employment should pay the critical things first
- house, food, utilities - and then work their way down the list
of expenses from there. Knowing your finances is an essential part
of knowing what options you have. We need to spend time working
with you on your finances.
We know your rights.
It is critical to understanding whether you are making a great deal
or getting the short end of the stick, so to speak. If you don't
know, that is why you hired us to help you. We will advise you on
all your options and work with you to find out what best fits your
and your lender and investors needs.
We analyze your situation.
What is the interest rate on the loan? What is the outstanding loan
balance in relation to fair market value? What is the value of your
home? Take charge and let us help you solve this problem, research
your options and contact your lender.
We develop a plan.
We try to put ourselves in the lender's shoes and anticipate their
moves. We decide what your initial offer will be and how you will
justify it, with your help. We also consider what your counter-offer
will be and any justifications for it as well. We always want consider
our next option so you will be aware of where we are in your negotiations.
We talk often with the lender.
We keep in constant communication with you and your lender and share
the information we discover about the property itself and the surrounding
market. This information may help us justify our initial offer or
We/You do research, to be prepared.
Research and preparation are part of gathering all the
above information that is so key to our negotiation process.
We are persistent.
We don't get upset when our offer is rejected. It is not
personal, it is business. We make a counter-offer and inquire as
to why our offer was rejected. Typically it will be because the
offer was not high enough. We may need to submit a higher offer,
but we may also need to show the lender more documentation in an
effort to justify a lower price, fair market value, term or interest