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FACT: Lenders can offer an assortment of workouts and are now much more willing to do so than they were even a few months ago. There is a lot of pressure from all sides, the government, their insurers as well as the economic reality that they really don’t want to take the house back (AND THEY MEAN IT THIS TIME) which is encouraging them to be a bit more serious in their efforts to complete a workout with you. However, there are still guidelines which must be recognized and they cannot do any kind of a workout without your full cooperation.
It is not as simple as saying “I want a workout”. You must provide documentation of income and expenses, show the ability to make a reduced payment if you want to keep the home and provide whatever supporting documents are requested to justify your desire to keep your home. If you are serious, show them you are. Comply with their request.
If you need help with how to be proactive—order the “Foreclosure First Aid Kit” available at www.DovePublishingHouse.com today.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
It is not as simple as saying “I want a workout”. You must provide documentation of income and expenses, show the ability to make a reduced payment if you want to keep the home and provide whatever supporting documents are requested to justify your desire to keep your home. If you are serious, show them you are. Comply with their request.
If you need help with how to be proactive—order the “Foreclosure First Aid Kit” available at www.DovePublishingHouse.com today.
Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
This article is very timely and relevant. As I quote Cameron Muir, an economist, "Home sales are unlikely to fall much further..That being said we expect home sales not to decline much further."
ReplyDeleteBut it's never too late, with the right business plan set up, it will lead to valuable outcome. This is what most counselors would give as an advise.