Doug
Barry
Direct 410-207-4751
E-Mail Doug@
RealtyComplete.com
Long
& Foster
Real Estate, Inc.
10801 Tony Drive
Lutherville, MD 21093
Office
410-583-5700
Fax 410-321-0949
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What
If I'm Behind
On
My Mortgage?
Direct
Line 410-207-4751 Office 410-583-5700
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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.
©Copyright 2011 Douglas R. Barry
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