How to Talk to Your Lender Before a Short Sale
If you are headed to foreclosure, and don’t want to lose your home but cannot afford the payments – there are other options.
Things to do…
- Organize your thoughs and be patient
- Keep records of who you talk to (bank), when, date & time and lender(s)
- Get your loan number, social security and lender phone numbers
- Call your lender(s) and ask them for a freeze on interest rate, ask them go back to your original rate, ask them to extend the maturity date of your loan, ask them to forgive the past due amount and start fresh, and ask them to reduce the amount which is owed on the property and apply for a loan with another bank for that amount.
If none of the above works, you may be headed for a foreclosure. Talk with an attorney or a real estate agent in what your next steps should be.