Re: I have been asked this several times - How would you respond?

Q&A's for September 2008

Re: I have been asked this several times - How would you respond?

I’m a loan officer who tries to help my clients with their credit and have had several people contact me with fair to good credit and they are going to be late on their mortgage payment due to a higher mortgage payment. They are concerned of their credit score dropping due the late payment.

Is there a way to negotiate with the bank once they are 30 to 60 days late to settle for deletion of the late payment before they become current? Thanks

We have a client with good credit score that had 1x30 late with a well known lender. We made 4 or 5 phone calls to have them delete the late but they were firm: "No courtesy deletion. This is C______wide policy!!!" It doesn’t hurt to have the client ask though.

The client may want to work on a modification program that may accomplish what they are seeking in a refinance. Calling the lender is usually not enough. They may need an experienced modification negotiator. In many cases, modifications are easier to obtain than you may think. There's no reason to suffer through high payments or risk foreclosure without negotiating a loan mod.

If you need help let me know.

Jennifer

StrategicCreditCoach.com

877-825-7885