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'; div.innerHTML = summary; } //]]> Foreclosure Negotiation Foreclosure NegotiationIf you are currently dealing with foreclosure, having help to negotiate an end to foreclosure proceedings can make the difference between whether you lose or keep your home.
Understand that that foreclosure process is designed to take away your rights as a homeowner and turn over ownership of your home back to the lender. Once this process is begun, it does not happen overnight. There is a systematic manner in which the steps must be completed. This system allows time for you to negotiate an agreement with your lender that will keep you from losing your home.
Some foreclosure considerations to keep in mind when you are planning to negotiate:
o Do not ignore letter and phone calls from your lender. Make it a point to explain your situation by contacting the loss mitigation department at your lender's office as soon as possible. When you do, be prepared to discuss your situation honestly and openly.
o Prepare financial information such as your budgeted expenses and income for the past few months.
o Get in touch with a HUD-approved foreclosure housing counseling agency. The HUD web site and their 800 number both can provide assistance in negotiating your foreclosure.
o Understand the type of mortgage you have and your lender's name as well as other vital contact information you may be asked to provide to an attorney or home loan modification company.
o Do not abandon your home. Many homeowners become frightened and think it is better to just move out. Contrary to this misconception, you should not leave your home and walk away. Stay in the house as it may be a part of the negotiation process that shows you want to keep your home and not lose it to foreclosure proceedings.
o Make sure all agreements you negotiate are in writing.
o Do not sign any papers you have not submitted to your attorney for review.
o Consult with your attorney before entering into any deals that involve your home.
o Remember that only your lender or your lender's authorized representative can modify your existing home loan.
Effective foreclosure negotiation is not a scam or a scheme. Many so-called agencies are just con artists who want to skim any available equity out of your home and leave you with the bill. Foreclosure negotiation is the process that involves working with an intermediary, whether it is a home loan modification company or a loss mitigation attorney or a foreclosure attorney; one of whom with work directly with your lender to help you stop foreclosure proceedings and save your home from being lost to a foreclosure.
Whether you are just discovering that you are in a foreclosure or proceedings have advanced a ways, you can still negotiate with your lender through an intermediary who can work to lower your home loan and protect your credit.
Source: http://business-negotiation.blogspot.com/2012/08/foreclosure-negotiation.html
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