When debt is closing
in on you, it’s natural to want to get away and run for cover. If you’re already in a tough financial situation,
it’s hard to imagine things getting worse.
Unfortunately, when you deliberately dodge your mortgage lender, you
reduce the number of choices you have and you give your bank more control over your
future. Moreover, if you run and hide,
you make yourself more vulnerable to the sneaky tactics that banks and bank
attorneys often employ like tacking on bogus charges and fees.
Has a bank
ever ‘accidentally’ charged you for something that they weren’t supposed to
charge you for? Banks seem to make these
kinds of ‘mistakes’ all the time. Usually,
these ‘mistakes’ only get reversed after you
call or write your bank to complain. How
would you feel if your bank won a judgment against you that was a lot higher
than the amount you actually owed? You
probably wouldn’t let your bank get away with putting a bogus charge on your
monthly credit card statement, so there is no reason to let your mortgage
lender get away with it either. Still, what
would stop your lender from doing this to you if you were nowhere to be found?
Even if your property is foreclosed on, there’s still
additional damage your bank and their conniving attorneys can do to you if you
are not aware and vigilant. You should
always fight to put yourself in the best position possible regardless of how
dire your circumstances may seem. A
first step should be to communicate early on with your lender. The more time
you let pass, the more money your bank will lose which in turn creates more
potential liability for you. You should
consider foreclosure alternatives like a loan modification or a short sale as early
as possible. While there are no
guarantees, it is almost always in your best interest to avoid foreclosure if
you can.
Gerald Lucas, 'The Short Sale Authority' (http://performanceshortsale.com/) has successfully negotiated hundreds of short sales over the past decade he has spent in the real estate business. He shares his extensive experience as a real estate investor, coach, college professor and lecturer. Mr. Lucas is Managing Director of Performance Property, LLC, a short sale negotiation company based in Jersey City, NJ http://www.performancepropertyllc.com/ Mr. Lucas holds an undergraduate business degree from Howard University as well as an MBA from MIT's Sloan School of Management.
