Guess What? Your Bank Would Rather Not Foreclose!

Many homeowners believe that their mortgage company is out to get them, especially those owners who have fallen behind on their home loan payments. Contrary to popular belief, a mortgage company prefers to work with a struggling homeowner rather than foreclosing on their house.

According to a Chase Mortgage representative, the lender doesn’t want the homeowner to move if they can help the owner stay in the house. Chase also said that there is a good chance an owner may be able to stay in their home if they come forward and work with the lender.

According to this article, a mortgage company’s first preference would be to work out a new payment plan with the homeowner through a loan modification; which would lower the monthly payment and allow the owner to stay in the home.

If a loan modification isn’t possible, the bank might consider a short sale. While short sales still require the homeowner to move, it lets the individual or family avoid having to experience the foreclosure process and a foreclosure hit on their credit report (which can prevent an individual from purchasing another home for up to 7 years!)

Get Free Professional Help Negotiating With Your Lender

Anyone who is, or has been behind on a payment knows that talking to the bank isn’t always a pleasant experience. They can be rude, demanding, and unsympathetic. This is one reason why so many people avoid answering the phone and responding to late notices and foreclosure threats. While understandable, lack of response from the homeowner is what eventually leads to foreclosure.

At Homeowners Servicing Company, we negotiate with banks all day, everyday. We know how they work as well as the best way to approach them with our clients individual situations. At HSC we can represent you and work with your mortgage company on your behalf, ensuring that you get the best solution while relieving some of the financial stress and worry that you, the homeowner experiences day after day.

To Find Out How We Can Help You Simply Complete The Form Below

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