Nevada again is on top of the foreclosure statistics, and I really don’t feel the necessity of citing any sources. It is an open secret. Foreclosure is on the rise, and the tide has become uncontrollable. I like to mention briefly the tips to stop the foreclosure and also cite here an article published in LA Times on the same issues.
1. Please contact your lenders/servicers immediately
2. Open a dialog and tell them your situation.
3. Don’t be frustrated with the process
4. Most of the folks (newly hired)at your lenders and servicers are new folks, and learning the job as they go. Please be patient with them
5. Make record of every phone calls, write down the name, phone extension etc.
6. No need to lose your temper.
7. Send them whatever they want, resend the same things again. Don’t make a big deal about their demands.
8.Try to call the rep by their first name more often than one time during conversation. Try to build a bond between you and him/herself. Yelling, screaming would be totally unproductive. No need to tell them the horror stories, they know enough already. Try to be brief, and not very legalistic. You are not an attorney, you are consumer. Ask yourself one question, why I am behind? How many months I am behind? Why did not I pay them? Afterall, you signed the contract as well. Please stop having over expectations. No one is deliberatly harming you. Accept the fact that you could be wrong also, and you had made mistakes as well. Now, let us sit back and read this wonderful article.
9. Once you have been denied, explore other options.
10. If nothing works, walk out graciously from your home without destroying anything. Maybe try to get a cash deal for “keys”. Treat it as white elephant and balance your budget.