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Wise Words
"If you limit your choices only to what seems possible or reasonable, you disconnect yourself from what you truly want, and all that is left is a compromise."
- Robert Fritz
Do-it-Yourself TIP #1
Before contacting your lender to discuss your situation, be prepared to provide them with your family budget. This includes all of you income and expense in your household. Your lender will ask you for this information as a means of qualifying you for one of their standard workout solutions. Be as accurate as you can as overestimating your income or your expenses may cost you an approval.
Do-it-Yourself TIP #2
When communicating with your lender, clearly express your desire and intentions to keep the home. Do not threaten to walk away from the home. Lenders want to work with homeowners who truly desire to stay in their homes and are willing to work through their challenges.
Do-it-Yourself TIP #3
While exploring workout solutions with your lender, keep up on your payments as best you can. Contrary to what you are hearing out there, purposefully withholding mortgage payments as a means of negotiating is bad advice and can cost you the ability to obtain a better mortgage as conditions in the mortgage market improve and other workout solutions become available.
Do-it-Yourself TIP #4
Prepare yourself for a long drawn out fight with your lender, perhaps the fight of your life. You can expect the process to take upwards of 120 days and possibly having to start over once or twice to achieve the desired results. Make your workout solution a part time job and dedicate 2 to 3 hours a week doing research and contacting your lender(s).