An article in the Arizona Republic today had some good advice for those struggling to pay the mortgage. A lot of it reiterates similar advice you’ll find throughout our site, but it never hurts to see it from another source. Here are the four main points the article makes and our comment for each.
Don’t do nothing at all.
The double negative aside, we can’t emphasize this point enough. We’ve said it in other posts and content on our site that being on top of the issue is vital. The people that get their situation fixed are the ones proactive enough to meet the problem head on.
Ask your lender to help
There’s nothing wrong with this and we’d say take it a step further; have a 3rd party mitigation company represent you in negotiations. Lenders, while willing to work out a solution, can be difficult to deal with and getting in touch with the right people can be tricky.
Approach lenders with a plan
This goes back to using a third party to handle the negotiations. You can’t just tell the lender you want a loan modification and have it magically happen. There is a right way and a wrong way to make it happen. If you do it the wrong way, you’re likely to get denied.
Seek outside assistance
You don’t cut your own hair or diagnose your health issues. Your mortgage is a serious matter and it deserves serious attention from a qualified professional. You can try to go it alone, but it’s a risk.
The full article that is referenced above is available at azcentral.com.
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