Now Playing: I was working something out with the bank but .......
I am currently talking to two homeowners in Naples about their Late
mortgage situation i told them several months ago
that the first step was of course, was talking to your lender and trying to
work out lower payments.
However , be cautious and don't waste too much time .
one told me they lowered their payments by only a few hundred dollars
(which did not help )
the other told me they made numerous phone calls and got many
conflicting stories on the phone from the lenders , in the meantime they
were served the first step of the foreclosure process ( the Lis Pendens)
notifying the world that a legal process has been started on their home .
The timing on this is very important . They may have 20 days to answer
the complaint in the proper legal way or the process continues against
them . a phone call is not enough and a letter saying your have hard
times is not enough . see my website www.freeforeclosure411.net
for information and lawyers websites that may inform you .
The Bottom line is this , according to feedback from live people
and statistics i have read , you can't stay in your home if you don't pay.
I read Nationally 87 % of loan workouts fail. In my opinion
one must come to realization that the lender wants the loan off the books
so they can have less defaulted loans and look better in the Fed's eyes.
also if they make you a promise for "a three month trial period "
that's three months money they never would have seen from every
customer . The banks are also being paid to take applications by
the Government . in my opinion , you must make a plan. With the right
choices you can downsize and end up with payments you can afford
somewhere else.
next time THE BANKRUPTCY LIE
DON"T end up broke , bankrupt and foreclosed on !
