Oct 09 What are Mortgage Workout plans?
by: Christine
As a Realtor, I want you to enjoy your home. If I allow you to get into a home that will stretch your finances too thin, and you have been honest about what you can afford, then I have done you a huge disservice. You should be able to trust your Realtor with your finances. With the increase of foreclosures these days, what are your options if you find that you are in a pinch and can't make your payments as easily as you used to? Don't fret. OK, reality says to stress to no end. I say, let's take a look at your options.
If you find yourself in a situation that is leading quickly to foreclosure or bankruptcy, calm down and take a breath. Let's look at your options. You can sell your home and get something with a smaller payment. You can also sit down and talk with your mortgage lender about a "workout plan'. This is where you and your lender figure out if there are other options out there for you. Such lending institutions as Country Wide and Quicken might be able to work out a plan that lowers your payment for a season or restructure your payments all together. Mortgage lenders would much rather keep you in your mortgage so they can make money and any way they can legitimately do that, they will try to do. Don't get too excited. The investors that actually fund your mortgage loans might not allow your mortgage lender to do much or anything at all. But the old saying "Can't hurt to try" is true for a reason. I hate to hear of anyone that has to file for bankruptcy. So anything I can do to help, I will do. Just talk to your mortgage lender. It can't hurt. Talk to you later, Christine Related PostsLeona Helmsley, theMortgage options series - Balloon Mortgages Top 5 mortgage options available for real estate Mortgage Options Series - Government loans Mortgage Options Series - Interest - Only Loans 
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