What to Ask for from Your Lender When You Are In Financial Trouble

So Congress and the President Didn’t Help You with Your Foreclosure Problem? Here are some Suggestions on what to do Now.

Don’t Expect the Government to Help

As people go through the details of what legislation has been passed and what will actually be passed to help people struggling with their mortgage payments they realize that no help is coming.

Ways Your Lender Can Work with You

Motley Fool Contributor Rich Duprey has some good suggestions on how to handle your current problems:

Let the mortgage company know you are in trouble. Maybe they will help, maybe they won’t. But it is the first step.

What the mortgage company may offer you:

Payment plan for missed payments
Give you extra time to work things out before selling your home on the courthouse steps at auction.
Add the missed payments into the current mortgage and possible re-amortize the whole loan.

Date: 2007-12-13 09:56:00
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