What is the best way to negotiate with my Lender to prevent a foreclosure?
The rule is “money talks!” Offer a cash down payment and commit to future payments. Be able to explain how you got behind and why things are different now. Don’t lie because you will never get a second chance with your Lender if you are dishonest at this important time. Once your Lender goes to the trouble of recording a “Notice of Default” against you, most will refuse to take any partial payment from you and will require you to pay the entire past due amount. A non-profit community agency, such as Consumer Credit Counseling Service, may be able to provide you with further information on working with your Lender for a small cost. Beware of any high cost, high pressure offers of assistance. Most are individuals who are fly-by-night rip-off artists that have no fixed address, no business license, and no verifiable education or skills.
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- What is the best way to negotiate with my Lender to prevent a foreclosure?
