Talk to Your Lender Before You Decide To Foreclose, You Might Be Surprised At The Result!

If your in trouble with your current loan and feel like your only option is to foreclose, you may be wrong.  Lenders are in the same predicament that you are.  They aren't in the business of owning properties and don't want to have to foreclose on yours. 

I recently heard a story from an ex-Realtor friend of mine in Las Vegas.  He was saying that one of the guys he worked with had a $5,000 mortgage a month on his house and with the market the way it is in Vegas couldn't sell it.  So he called the bank and attempted to give the house back to them.  They told him that they didn't want it and asked if he could make 1 payment every 3 months.  I don't know the full details of the situation, I'm sure the interest is still accruing along with penalties and such.

The point is though that if you contact the lender early enough and show them that you want to make an effort to pay them.  More then likely they will want to work with you.  This slump won't last forever, and the people that stick with it are going to be the beneficiaries.

I would love to hear any opinions, comments, and stories.  Lets get the word out there that there are options. 

Thanks,

Bryan Maynes - Realtor

Dwellings Real Estate

801.631.7530 - Phone

maybry@wfrmls.com - Email