Negotiating With Your Banker To Avoid A Sheriff's Sale

By Author: Nick Adama
Total Articles: 197
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If you have or are about to fall behind on a mortgage payment, foreclosure may be on your mind. This means it is time to start talking to your lender and tell them about your financial stresses. You may be surprised how much guidance; they can be if you go to them early enough.

Most people are anxious or too scared to call their lender especially when they have not made some mortgage payments. This is not good, calling your lender is the first step that needs to be taken, to try and stop the foreclosure. Many people are angry at their lender, because they think they are trying to force them out of their home. But this anger has to be put aside and realize that the lender will assist you, if you call them and speak with them about your problems with meeting the mortgage payment. You need to be persistent though and make sure you keep talking with them and updating them every several days.

Banks do want to help people stay away from foreclosure if it is possible. The main problem is many mortgage holders are flooded with people facing foreclosure, this means that sometimes, some peoples cases get put off. ...
... This is why you need to be persistent with them, talk with them soon enough and keep in contact, so your home has a better chance of being saved.

The first thing you should do is make an appointment with your lender, to meet with them in the bank. This way you have made personal contact with them and they can put a face to the case. Sit down with them and show them your financial problems are temporary and how you are going to turn them around.

If you have just been laid off from your job and haven't missed a payment on your home yet, you still should make an appointment with your lender and inform them that you have been laid off. Show them that you are taking proactive steps to find a new job and then they may be more willing help you, with either a loan modification or repayment plan.

If you have already missed a several mortgage payments, likely you are getting many phone calls from your lender. This is not the time to, be ignoring phone calls; many people do this, because they are hoping the problem will just go away. But it won't with out you taking action, this is the time to pick up the phone and talk with the lender.

It is important to talk with the lender, so you can know exactly how much you need to pay to avoid the foreclosure proceedings. If you do a mortgage modification with the lender, make sure you can keep up with the payments and even in the future as they increase, otherwise you will just find the foreclosure process restarting on you again.

Keep in mind that the lender does want to help you, so it is important that the lines of communication stay open. That you meet with them in person, dress professional, prove to them that you do want to save your home and that you just hit some financial hardship and you will be back up on your feet, making your mortgage payments on time.
Nick is the writer of the ForeclosurefishStop Foreclosure Blog, helps homeowners who are facing foreclosure and need help stopping foreclosure.