The #1 Largest Mistake Struggling Homeowners Make – Part 2

The #1 Largest Mistake Struggling Homeowners Make – Part 2

If you are a homeowner facing a Michigan foreclosure and trying to stay current on your mortgage but can’t, this is a critical time for you to make decisions and the right ones. After counseling thousands of distressed families, we have seen one major mistake made over and over again. This mistake literally can ruin your financial future faster than anything else you can do.

This mistake comes from a combination of lack of knowledge about foreclosures and lenders and how they work and also this big emotion: FEAR. The #1 mistake you can make is freeze with fear and do nothing. Nothing will get you nothing, when it comes to this terrible situation you are in.

If you are frozen and don’t know what to do, listen up for a moment and let’s analyze what you need to do.  Last week I gave you steps 1 and 2, this week is the rest of the story…

#3. Back to advice from your Uncle Bill or Aunt Mary or neighbor Tom. Remember that this is an ever-changing industry and guidelines change all the time. In addition, every single person has a different story with different twists. Some lenders do things completely differently than others. Come to us and get the real scoop on your particular file. It’s all confidential and we have dealt with thousands of files, homeowners and lenders.

#4. Don’t let your lender intimidate you or upset you. You made a contract with them to pay them money for owning the house. If you can’t make the payments, you can’t. It’s that simple and lenders rarely slice off big chunks of the principal owed, since they can get money from the big bail out instead. If you are pleading with your lender for a break, it is most likely falling on deaf ears. Absolutely, save yourself this stress. Remember too, they are recording everything you say and can hold it against you later when trying to collect the debt. We will speak with your lender for you. Just call us and let us know how we can help.

#5. Think of a Plan B of moving and where, if you have to. It may be inevitable that you have to move. Get yourself in that emotional status. Don’t skip this step and be left scrambling at the last minute. We can talk about this and how long you have before you need to move, if at all.

Let us help you make sense of your situation. Call us or drop us an email sooner than later!

Jeannie

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