May 31st, 2008 3:40 PM by Sam Kader MLO# 130505
Document why you fell behind such as reduction of work hours, a layoff, an invoice for an auto repair, or a shutoff notice from a utility.
Be persistent in your quest to talk to the right people at the mortgage company. A mortgage servicer has two platoons of employees who talk with delinquent borrowers: the collections department and the loss-mitigation department. Ask for the loss-mitigation department, which consists of people who negotiate forbearances and modifications.
What they'll get back from the lender is a push to get an agreement then and there. Fill out an application and let the lender make an offer first and then consider it for 24 hours. Talk it over with an adviser. Accept the offer if it's a good one; otherwise, make a counteroffer.
Number of free agencies that offer counseling:
Short selling a property - It means that a lender agrees to accept less than what is owed on the property to facilitate a sale of the property.
Tips for closing short sale.