What Should I Do if I Receive a Foreclosure Letter From My Lender?

Let me tell you about John and Lana.  They were two people just like you.  They had the American dream.   Then suddenly there was a knock on the door and someone handed them a foreclosure letter.  Now it seems like their world was falling apart.  They definitely needed help with foreclosures.  What should they do?

• Contact the lender
• Call the lender
• Write a hardship letter
• Try to get a refinance
• Consider selling the home

Well they can do any one of those first.  But who really knows what the results will be. 

If you are like John and Lana, stuck in foreclosure and you’re wondering what to do, you may have already tried these methods listed above before. Most people say they have but they end up getting no response.  So why is that? Simple!  The solution you need does not just entail knowing what to do, but knowing how to do what you need to do.

That’s why I suggest you contact the Loan Negotiator Group and let them help you.  I promise you will lose your house if you simply choose to do nothing.  That’s never the right solution.  And having the right solution in mind without the right strategy, understanding and knowledge to implement it may also result in disaster.

You’re probably wondering what steps to take beyond what everyone else is doing.  That’s exactly where the Loan Negotiator Group comes in.  They offer help with foreclosures and would be prepared to work with you to help you get out of foreclosure. They are equipped with the knowledge and expertise to help you handle the situation from the time you receive the foreclosure letter all the way up until you are able to successfully get a loan modification, sell the house or find another solution.

Indeed dealing with this type of a financial problem is difficult and frustrating and many people find themselves wondering what to do once they receive a foreclosure letter.  Where should you start?

Let me share a bit more about John and Lana’s experience.  Simply put, they had it all.  You know what I mean.  They had two kids, a dog, two jobs, and a nice home.  Then times got tight. Gas prices went up, Lana’s hours at work were cut back to part-time, and some unexpected financial problems hit around the way. Before long they missed a few payments and received a foreclosure letter hand delivered at the front door. Like you, they found themselves wondering what their options were.  Thankfully, they found help and found out that there were several great options available to them.

There are many options available to you, even if you have received a foreclosure letter.  Of course there are a few things you need to look for in these options when trying to find a solution after getting a foreclosure letter. And above all you need to know that knowing how to navigate through the waters of the foreclosure procedure is not as simple as it may seem. 

Let me highlight some of the steps you must take to provide you with some helpful knowledge. But know full well that I encourage you to work alongside the Loan Negotiator Group to get your situation resolved.  It will cost you a whole lot less in the long run and save you a world of heart-ache and head-ache.

First ensure the solution you are seeking is a legal one.  Beware of people and companies trying to scam you.  Look out for the option that will work best for your specific situation.  Don’t simply believe everyone and anyone who is out there promising to offer help with foreclosures. Contact Your Lender.

If you get a foreclosure letter hand delivered at the door or in the mail from your lender, the first thing that you should do is to contact your lender.   Of course the Loan Negotiator Group will do this for you on your behalf. After communicating with you and finding out exactly where you are financially and where you want to go, they will create and have a powerful conversation explaining fully your situation.

Sometimes the conversation with the lender is easy.  At times when you speak with a lender they will have some good options for you to consider in lieu of foreclosure so you can avoid losing your home.  Whatever you do don’t just ignore the foreclosure letter from the lender – make sure you contact them right away.

Call Your Lawyer. Another important thing to do when you receive a foreclosure letter from your lender is to call your lawyer.  Your lawyer can help you to understand more about your legal obligations and options.  Once again the Loan Negotiator Group has an entire legal department that can provide you with all the legal counsel that you need.

Also, they may be able to help you declare bankruptcy if this is something that you desire to do, although I do recommend that this be a last resort.Find out your legal options by talking to a lawyer or communicating with the Loan Negotiator Group as soon as possible.

Write a Hardship Letter. Writing a hardship letter is an excellent option when you receive a foreclosure letter in the mail. While many lenders do have some good programs to help you avoid losing your home, usually you’ll find that they do require that you write a hardship letter outlining the financial difficulties you are going through that have caused you to fall behind on your payments. And yes even here in this step the Loan Negotiator Group is prepared to structure and write an effective hardship letter for you.

Try to Get a Refinance. If you can, try to get a refinance if you suddenly receive a foreclosure letter. Now this is where the Loan Negotiator Group will really shine for you.  Having a team like this on your side to speak for you is really powerful.  Many times if they are unable to get a complete refinance they are able to get a complete Loan Modification, a forebearance or a deed-in-lieu.

Consider Selling Your Home. More than likely selling your home is the last thing that you want to do, but in some cases, it can be your last resort. If you can sell it for full price or more than you owe, this is great and a wonderful way to deal with this problem when you receive a foreclosure letter from your lender. However, in a time when the housing market is down, this can be difficult. In this case, you may need to consider a short sale if your lender will agree to it.

These are just a few of the options that are on the table when you receive a foreclosure letter in the mail from your lender if you are working alone and by yourself. However if you were able to have a powerful team of highly trained and experienced business professionals beside you who are highly trained in the area of loan negotiation then suddenly a whole new world of possibilities and options will open up for you.

That is exactly why I suggest for you the Loan Negotiator Group! All you will need to do in order to get started is fill out a short questionnaire with information about yourself, your house and your situation and one of the trained professionals from the Loan Negotiator team will get back in touch with you promptly. When you do you will get a highly experienced and professional case worker who will consult with you and answer all your questions.  Then they will work with you to get you the kind of loan negotiation you are most likely eligible for.  Isn’t that what you really want anyways? A chance to save your home and safegaurd your equity?

The team of mortgage professionals at the Loan Negotiator Group has worked with hundreds of clients and has established relationships with many of the primary lenders and banks in America. They have the experience, knowledge and expertise to offer numerous solutions that can be negotiated on your behalf.  But you need to have a conversation with them first and let them know exactly what you’re looking for. These solutions include anything from a complete loan modification where your payments get lowered or a deed-in-lieu where you walk away from the house and the debt altogether without ruining your credit. Dealing with foreclosure is difficult, but there are options that can help you to avoid losing your home.   The Loan Negotiator Group is prepared to help with foreclosures no matter what your situation may be.  Look into these available options to find a way that you can avoid foreclosure and stay in the home you have worked so hard for.

The Foreclosure Doctor (Online)

Are You Pulling Your Hair Out Trying to Write a Hardship Letter?

Well John and Cathy had been on my site here reading much of what I’ve been talking about when it comes to How to write a hardship letter. I easily pointed them to some websites and also showed them how not to write a hardship letter.  But they wanted some more information about what an effective hardship letter would look like. 

So I decided to write one for them and for anyone else who is seeking to do this the correct way.

Date (Current Date) Name: (Your Name)

Address: (Your Address) Mortgage Company: (Mortgage. Company.)

Loan Number: (your Loan Number)

I/We, (Your Name), are requesting that you review my financial situation to see if I/We qualify for any workout option.

I/We are having problems making my monthly payments because of financial difficulties created by (circle what applies):

Unemployment

Reduced Income

Divorce

Separation

Medical Bills

Too Much Debt

Death of my Spouse

Death of a family member

Payment Increase

Business Failure

Job Relocation

Illness

Damage to Property

Military Service

Incarceration

Other (Please Specify)

This difficulty or hardship happened on or about this date ??????.   I/We believe that my/our hardship is (circle one) Temporary / Permanent This is a brief account of the situation with some details about how it transpired (explain the situation you encountered… and tell them you feel you can now afford your payments again) I/We, (your name), declare the contents of this letter provided above to be true and accurate to the best of my/our knowledge and understanding.

Borrower’s Signature Date Co-Borrower’s Signature Date

For more information on how to write a hardship letter or what to do after writing a hardship letter please enter your information in the opt-in box on the top right hand side of this blog or click on the Loan Negotiator Group and enter your information there.  I’ll be in touch with you that way soon.

The Foreclosure Doctor (Online)

How Does the Foreclosure Process Impact the Family?

How does the Foreclosure Process Impact the Family? Great question! And there must be only one reason why you are asking. Tell me the truth – you got a hand-delivered letter from the bank, right? You’re in foreclosure. The bank is saying they intend to sell your house. 

What a terrible tragedy! You’re wondering “How in the world can they do that? Can they really sell my house without my permission?” This was Sam’s story.  He lived in a beautiful suburban 3–bedroom house with a 2-car garage and a nice front yard. He and his family had lived there for 15 years. 

But now because of some unforeseen circumstances, they found themselves facing foreclosure. Now that was a dreadful word in his mind.  He wasn’t even sure what foreclosure meant.  He just knew it sounded bad.  He knew he didn’t know much about the foreclosure process and wasn’t sure he wanted to learn.

But there was one thing that concerned him.  It was, “Do I or do not own this house?”  Yeah, I owed money on the house but that is far less than what the house is worth, he thought to himself.  Later that evening he talked it over with his wife.  She didn’t have much more knowledge about the foreclosure process either. 

All she knew was that the house was titled in their name. She was aware that they were behind on their payments but she was thinking the same way Sam was thinking.  Carol thought for sure the foreclosure process was only for those who had no equity at all in their house.  And as far as she could remember, they had at least $200,000 equity on a house that was worth $450,000.

So she was shocked to get this letter too. What both Sam and Carol didn’t realize is that when you have title to a house, that gives you ownership and the right to do what you want on the property but that does not mean that the bank does not have an interest in the house.

All it means is that as long as you continue to make your payments on time, the bank will let you live there. Ownership means you get to direct what happens on the house – paint, renovations, change the colour but you can’t do anything that will in the long term jeopardize the bank’s interest in the property. 

For instance, you can’t pick the house up and move it away.  And then tell the bank I moved the house.  That is not going to go over very well. So Sam and Carol had a rude awakening to the realities of the foreclosure process. They learned that this foreclosure process could be quite impacting on their family.  They decided to get help getting out of foreclosure.

First, by not being aware and not having knowledge how the foreclosure process worked in their state, they felt fear, uncertainty and a sense of helplessness. And then of course, their belief that as long as they owned the house or had title to the property they were safe from the process was false.

As I talked with Sam and Carol, I will never forget the thoughts that crossed my mind. How many other well-meaning families think there is nothing to worry about as long as they have title to the house?

Are there really that many people out there who are thinking the bank is going to leave me alone and I am not going to be affected by the myriads of foreclosures going on because I own my house. I alerted Sam and Carol to the truth. That anybody could fall into the foreclosure process if you fail to satisfy the demands of your mortgage or your loan agreement.

· So the first thing that they needed to know was the foreclosure process in their state. How much time does a bank or lender wait before beginning the foreclosure process and how much time do they have after the foreclosure process begins to save their house?

· The second thing they needed to know was what possible steps could they take to stop the foreclosure process and how do they go about taking those steps. This was really a difficult and challenging conversation for them to have. It forced them start talking about some issues that they had not talked about for the longest while. They had to start talking about money, work, budget, employment, future goals, and savings.

They had to confront certain things about themselves, their family, and their lives. But most of all they realized what they did not want to be involved in the foreclosure process. And they had the power to stop the foreclosure process but they had to start taking action.

In order for foreclosure to stop, they knew what they must do. They had to make changes and now. The alternative to making changes in their lives would be to suffer the indignities of foreclosure. What exactly would that mean? I told them clearly – they needed to

· change their spending,

· plan a budget – a map for their necessities, obligations and wants,

· start saving,

· create a plan to pay off arrears and

· maintain on-time payments on the house loan,

If they didn’t do this the foreclosure process would end up with them suffering the loss of their home. Here’s what that would look like. Most likely, there would be a public notice of foreclosure. The negative impact of shame and embarrassment would be felt.

The neighbours, friends and family would read that the house was being put up for public auction with a sign on the front lawn saying Bank Sale. Their credit would be severely blemished. Their dignity and pride would suffer as they would have to explain to their children that they were moving away from friends and schoolmates.

So the impact of the foreclosure process on the family home is severe and great. When the bank sells your house, most times, they sell it far below market value. In some states, they give you none of your equity which you have worked hard to built up. In other states, you will get just a little piece.

But the saddest story is that many are in the foreclosure process who do not have to be there. There are so many options available and so many solutions possible for so many.

As the Foreclosure Doctor (Online), I am here to tell you that Sam and Carol ended up saving their home. They were willing to change, adapt and take action. They did what was necessary to stop the foreclosure process, to get help getting out of foreclosure, and to avert its impact on their lives and their family.

The same actions they took are available to you today. I am prepared with a wealth of experience, knowledge and understanding to help you as you go through the foreclosure process. I am glad to answer your questions and provide guidance and direction so that you too can avoid the impact of foreclosure on your family home.

Decide today to get help getting out of foreclosure. Don’t think your’s is a lost cause. You do not have to think that there is no hope. For a limited time, you can contact the Foreclosure Doctor (Online) today. I can do the following for you … have a one-on-one interview and consultation to find out where you have been, where you are now, and where you intend to go.

Together we will structure a plan and a strategy for stopping your foreclosure. I will then personally refer your case to the Loan Negotiator Group whom I have partnered with and they will get you a loan modification should that be the pathway and direction we choose. Don’t wait until it is too late and you begin feeling the impact of the foreclosure impact on your family. Contact me today.

The Foreclosure Doctor (Online)

What Should I Do After I Write a Hardship Letter to the Bank to Stop the Foreclosure Process?

Let me tell you about Danny. His house was in foreclosure. And all he did was write a

hardship letter. He had high hopes that writing a hardship letter would be sufficient.

Boy was he wrong!

In that letter he told the banker all about his troubles and asked for a loan negotiation

and some time to get back on his feet.

The good news is Danny got what he wanted. A loan negotiation and more time. But what did he

do with that?  What do you think Danny did with that extra time?  Do you think he followed

the requirements necessary to complete the loan negotiation like fax in proof of his current

income, and go down to the bank and sign more papers?   NOPE!

Danny did absolutely nothing. He didn’t give the banker copies of his monthly pay stubs. He

didn’t fax in a copy of last year’s income tax. And he didn’t go down to the bank to sign

any paper work.

Well you ask, what did Danny do? NOTHING! Absolutely NOTHING!

That is until one day a sign showed up on his front lawn. Then he came to me. And he sobbed

out a sorry and weak story.

He said well I was going to go down to the bank and sign the paperwork. And I was going to

fax in my income tax and I was going to send in copies of my pay-stub.

Well what do you think I should tell him?  Huh!  Well, I told him what I tell everyone.  I

told him the truth about where these words of hesitation lead you when facing foreclosure.

That’s right!!! Hesitation and inaction leads to a great big sign on the lawn that says

something like, “Bank Sale” or “REO Bank Auction”

But what was so sad for Danny is that he learned the hard way that Writing a Hardship Letter

to the Bank is just not enough.

So what else is needed besides merely writing a hardship letter?  

Good question! I’m so glad you asked. What else is needed besides just writing a hardship

letter? Well let me ask you. What else do you really want?  Like really tell me the truth

here!  What are you expecting from your lender by writing a Hardship Letter?

There is a world of action and little delicate steps that create the gigantic results.  You

must engage in this world of action and take those delicate little steps after you write

that letter to the bank to really stop the foreclosure process. 

And just like in anything else in life, “going to do it” and “planning to do it” and

“thinking about doing it” just doesn’t cut it.

If you really want success stopping your foreclosure procedure then writing a hardship

letter is a great place to start. But it is not a great place to finish.

You have to follow all the instructions that take you far beyond just writing a hardship

letter. And you have to be willing to think fast and act fast, and change fast. That’s just

the bottom line.

AGGRESSIVE ACTION and PERSISTENT DETERMINATION are a must!

Well what action do I think you should take first?  Well once again I’m so glad you asked. 

Let me make it really really easy for you. 

Call me! 

That’s right call the Foreclosure Doctor (Online) by entering in your phone number and

information in the top right hand corner of this blog. When you call I’ll go through the

following steps with you on the phone.

First I will take you through a one on one consultation and gather some information about

your situation.
Second I will lead you through a clear understanding of the foreclosure process in your

state or region.
Third I will guide you through the steps to determine how to best go about saving your home.
Fourth I will refer you to any additional service or program necessary to help you negotiate

with your bank or lender
Fifth I will work with you to help you transition from being in foreclosure to building

wealth.
So what else did you discover from reading this post today? Well let me sum it up for you.

Choosing to do nothing at any time or during any stage of the foreclosure process will most

likely lead to disaster. Taking action today and making sure that it is focused and directed

action leads to the results you want.

The Foreclosure Doctor (Online)

Do You Want 5 Hot Tips On How to Write a Hardship Letter to Stop the Foreclosure Process?

Are you tired of getting no response from your bank or lender while facing foreclosure? I know many are pulling their hair out trying to get a response from their lender.  That’s why I’m sharing five additional hot tips for those who are really want to know how to write a hardship letter to stop the foreclosure procedure.  But afterwards I’m going to tell you how to really get your bank or lender in your corner. Read more

How to Write a Hardship Letter?

You’re sitting their wondering about the advice you’ve just been given.  Write your lender a “Letter of Hardship.”  But you’re thinking to yourself, I’m no writer, I wish someone will tell me, “How to Write a Hardship Letter” so the lender will read it and help you?

Wally and Carrie were devastated.  It seems like nobody understood the tremendous crisis they had just come through.  Wally lost both his parents in a terrible storm.  And Carrie just had a miscarriage after four months of pregnancy.

Read more