Contacting Your Lender about helping to stop your Foreclosure

Before you even contemplate picking up the phone in order to have a conversation with your mortgage lender, it is imperative that you take the time to prepare for the conversation as well as any possible questions that may be directed at you by them. Start off with this by simply calculating your monthly income and expenses as well as figuring out the exact amount of equity that you now have in your home.

From there, you will need to take this information and write it down with the following questions.

1) Your lender is going to ask you what had occurred that caused you to miss the mortgage payment. You will need to provide them with a clean cut answer that is direct to the point as well as preparing any possible supporting documents to your claim. You will most likely be asked for these documents and that is where the monthly income and expenses that you calculated earlier comes in handy. Furthermore, they will want to know if you had made any attempt to resolve the issue that caused you to miss the payment.

2) The lender will also ask whether the problem that caused you to miss the payment was a short-term, long-term or even a permanent one. They will want to know what changes that you may see in your finances over the next few months as well as the next couple of years. Furthermore, they will want to know if you are having any other financial problems which would prevent you from being able to recover from the missed mortgage payment.

3) Ultimately, the lender will want to know what you want to happen as well as whether you will want to keep the home or not and what type of arrangement for the recovery of the missed payment that you think you can reasonably afford.

It is very important that throughout this entire process of contacting your lender as a means of preventing the pending foreclosure from occurring that keep track of all of the communications that occurred between you and them as well as what was said and covered in the communications. This also includes the nature of the communication whether it was by phone, in person or even through electronic means. Furthermore, each communication will need the representative’s name as well as the outcome of the communication.

After any oral requests albeit phone or in person, you will also need to follow-up these requests with a professional letter sent via certified mail. Before sending any letter though, make sure that you keep a copy of it as well as the return receipt that you will get through the utilization of certified mail.

Above all, make sure that you follow through and meet all deadlines you and the lender agree upon as well as ensuring that you stay as a resident in the home itself.

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