Doug Barry
 Direct 410-207-4751
 E-Mail Doug@

 Long & Foster
 Real Estate, Inc.

 10801 Tony Drive
 Lutherville, MD 21093

 Office 410-583-5700
 Fax    410-321-0949



 What If I'm Behind
On My Mortgage?

 Terms Distressed
Homeowners Should

 Terms Every Seller
Should Know

   Doug Barry, Associate Broker

                     Licensed in Maryland
  Direct Line 410-207-4751  Office 410-583-5700  


Tips For Dealing With Your Lender

Whether you are trying to sell through a short sale, or re-negotiate with your lender, there are some important things you should be aware of when working with your lender.

  Keep a blank copy of your hardship application, so you can fill it out
   again or update if needed (maybe multiple times).

  Don't throw away any financial documents. You may need to provide
   pay stubs, bank statements, W-2's, 1099's, tax returns and other
   documents to the lender.

  If you have a second mortgage, apply for help from both lenders,
   even if one of the loans is current.
  Don't take shortcuts on information you send. Follow the lender's
    instructions precisely. Your shortcut may cause your file to be closed.
  Be persistent, but don't nag or harass the lender (e.g. calling every
   few weeks is okay, calling every day may be a mistake). If the lender
   calls you and you miss it, return the call.
  Read all agreements carefully and completely. The written agreement
   is what counts, not what you were told verbally over the phone.
  Don't waste time venting to the lender's representative. It will take time
   away from working on your file, and the person you are talking to can't
   change policies and procedures.
  Don't cut your phone off and answer when it rings. The lender needs to
   be able to contact you and they may get too many calls to answer
   when you call back. If you are called by the Collections Department,
   tell them you've requested assistance and are waiting for help.
  Be honest. A request for help can be denied if you make too much or
   too little, and it's best for the lender to deal with your actual situation.
   You will also need to document your situation, and inconsistencies
   may work against you.

Selling Your House
Keeping Your House
Tax Implications


©Copyright 2011 Douglas R. Barry

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