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By
Bobby Johnson
1. Never discuss your household finances over the phone with the collection
department. What you don’t know is that you are being qualified and not know
it. This is the easiest and fastest way to get a turn down. Request a
homeowners assistance package so that you can submit the require information.
2. Never tell them you are broke. Even though you may qualify for a special
forbearance or modification, you will still need legal fees and foreclosure
cost. These fees cannot be put back into the loan. Your lender prepaid them
to their attorney to start the foreclosure process.
3. Never tell them you do not live in the property. Under FHA guidelines,
before you are granted any workout, you must reside in the property. If you
have moved out and your property became an investment property, you better
get someone in there with a lease or rental contract before the sale date.
4. Never tell them you are not working, in most cases you will not be approved.
Depending on your sale date, your mortgage lender may not be able to qualify
you for a special forbearance because of the amount of time left.
If you can’t find a job, I suggest you start a small business months before
your sale date, make some money, deposit your income and prepare a Profit and
Loss Statement to prove income. Telling them you get paid cash and you can’t
prove it won’t hold water.
5. Never tell them the reason you fell behind is because you mismanage your
money. How do you expect for them to give you a workout when you still have
the potential of falling behind again?
Copyright, Bobby Johnson-2004, All right reserved
Bobby Johnson is a Comprehensive Financial Planner who speaks on the topic
“How to Eliminate Debt and Build Wealth”, “How To Get Triple AAA Credit with
The Help From The IRS.” “ How Business Owners Can Save Their Business Without
Filing Bankruptcy” he is the author of “Four Hours to Financial Freedom” and
“Attract More Clients, Win Back Pass Customers & Make More Money”. Bobby has
saved homeowners millions by not filing Chapter 13 and exposing the secrets
used by mortgage lenders title in his latest book “ How To Save Your Home
From Foreclosure and Not Lose Your Mind” Http://www.foreclosuremanual.
ieasysite.com (Http://www.foreclosuremanual.ieasysite.com). You may reach him
by email: bjohn54928@aol.com (mailto:bjohn54928@aol.com).
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