Your behind in your home mortgage payments and the bank has been calling you to remind you. Don't get angry because they want you to stay in your home and after all, you came to them for the original loan and assured them that you would repay it, so you would do the same if you were in their shoes.
Don't Ask for Charity or Sympathy
Your only hope may be to approach them for some kind of creative relief package that will leave you in your home and the payments coming in to them. Remember that the banks are not in the business of issuing out charity, so don't even consider asking for it.
A Business Proposal
What you want to approach them with is a business proposal that will benefit both of you. You get to keep your home and continue making payments on it and they won't get stuck with another empty home that the will have to look after and try to figure out how to sell in a bad market.
Gather All of Your financial Documents Together
Besides, if they do have to sell your home it will have to be at todays market price, so they are going to have to take big loss by doing so. Step one, would be to gather all of your financial documents together so you can lay out on their desk your complete story as it stands at the present time.
Be Honest and Frank
Prepare to be open and honest because the last thing that the bank wants to sense coming from you at this point in the game is any element of deceit. Also remember that bank fraud is still a crime so be careful what you say and sign your name to.
Two Common Deals
The most common and easiest to get package is a deal the breaks up delinquent payments and spreads them out over a period of time. The next best deal that is more difficult to get is a refinance package that spreads your existing balance back over a new thirty year time period. Remember that they are not going to throw good money after bad, so make sure that you can show your bank that you can adhere to a new deal what ever it is.
Written by Benedict Reckard. Find the latest information on
Bank of America Hope for Homeowners as well as
Stop Foreclosure
