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Can I Bargain With A Lender During Hard Times?
Question: We're in financial trouble. Anyway we can work-out something with the lender?
Answer: Maybe. The lender does not want to foreclose and does not want your home. What the lender wants its loan repaid, in full, and with interest. But maybe that's not possible. Some lenders, as an alternative to foreclosure, may be open to several ideas, depending on the exact facts and circumstance involved: *Reducing the interest rate to today's levels. Modifying the loan to produce a longer term and slightly lower monthly costs. A refinance to better rates and terms. *Conversion of a mortgage shortage in a sale situation to a note. Lenders will want to know about your entire financial picture before considering any of the steps above. The best approach is to have a bankruptcy attorney deal with the bank -- this puts matters on a business-like basis and shows the seriousness of your intentions. An important note: Not all loans can be modified, even in situations where lenders are sympathetic.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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