bank foreclosure, loss mitigation negotiating
My husband and I have a fixed rate mortgage and we handle our finances quite well. Therefore I think we will manage to remain financially solvent during this economic crisis, even if it means we have to tighten out belts a little. However, people with adjustable rate mortgages may not be feeling so confident right now. Indeed many families are currently struggling to get by and worrying about the prospect of bank foreclosure.
If I had an adjustable rate mortgage and was seriously worried about the possibility of bank foreclosure, I would definitely hire someone to do the loss mitigation negotiating on my behalf. I know that like most people, I do not have sufficient knowledge of bank foreclosure and real estate laws to confidently negotiate with a mortgage lender and get optimal results. That’s why I’d hire someone else to negotiate for me and never mind about the expense. I’d sooner be out of pocket for a while than lose my home and ruin my credit rating. After all, once your credit rating is shot it is very difficult to secure any kind of loan after that.