Banks Don't want to foreclose on your house! When a mortgage company forecloses on a property more often than not they lose money, and they lose even more when they have to take ownership of that property. The good news is that there are alternatives to foreclosure that benefit both the borrower and lender.
The bad news is that most borrowers are only a number, one of millions of other numbers, to their mortgage company. The truth is that most mortgage companies don't need to or want to specifically help individual borrowers. Even though their financial success really relies on keeping borrowers out of foreclosure often their need to meet their numbers makes it hard for them to recognize the value of working with individual borrowers. Even though mortgage companies financial success depends on keeping borrowers out of foreclosure, mortgage companies are the largest owners of real estate in the world due to foreclosures.
Hardships are the Key to Getting A Lender's Attention
Hardships are a borrowers best tool in convincing the lender that a loan modification or workout plan is in order. Here are some of the hardships that lenders will consider:
- Adjustable Rate Mortgage Reset- Payment Shock (uncommon, but more lenders will accept this in the future)
- Illness
- Loss of Job
- Reduced Income
- Failed Business
- Job Relocation
- Death
- Incarceration
- Divorce
- Marital Separation
- Military Duty
- Medical Bills
- Damage to Property (natural disaster or unnatural)
A free do-it-yourself modification kit is available at MBA Commercial .
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A ??free 24 hour recorded message explaining ??loan modifications is available at 800-958-1952 .
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