Tip of the week!

My tip for the week is regarding pre-foreclosure work outs. Many of the servicing lenders are offering "forbearance" on their loans to borrowers that are in trouble. No one wants a foreclosure so if one of your customers calls and says they are in trouble- have them contact their lender IMMEDIATELY and ask to speak to someone about forbearance. If the homeowner can show reasons for their delinquency (laid off from work, medical or some cause that is not permanent) the lender may consider waiving their payment for a few months and adding them to the end of the loan. This gives the home owner time to find another job, recover from their illness or whatever needs to be done to get them back on track. A representative from FNMA was the speaker a couple of weeks ago at a seminar I attended and she stated they have seen this happen numerous times over the last few months and it has saved homes. If the homeowner has a government loan (FHA or VA) and the servicing lender is not cooperative, the homeowner should contact FHA or VA directly and see if they can get help that way. Both agencies have counselors and can sometimes work out a solution with the lender. Just remaining silent or quietly giving up their homes is not the answer. If they can show good cause, most of the lenders are willing to work with them. You may have to step in and help them get to the right person, but that will just make you their hero.

jamierroe@yahoocom