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Home mortgage negotiation an ever increasing trend

Updated on September 24, 2012

Mortgage Negotiation information

Home Mortgage Negotiation has become a big thing. Banks have realized keeping people in their home is in their best interest. In the past five years banks have learned that foreclosures only hurt them in the long run. There are currently a glut of bank repossessed homes on the market and short selling has reduced the value of housing in general. Bankers now realize they did this to themselves and to the people they made these loans to in the first place.


A friends home

Source

Professional help available

Help is available now from professionals who do this on a daily basis. In recent years experienced loan officers and attorneys have moved into this field in a big way. A few have even cross trained bringing new knowledge to their customers. They did as good entrapanuers do find a need and fill it. There is no question there is plenty of need for this service today.


Banks work with Mortgage Negotiators

There are many ways mortgages can be adjusted today. Banks are more willing to work with negotiators than they have been in the past. There are a few pioneers who have taken this to new levels. These pioneers work with a spectrum of services so they can find the right solution. They have no need to push an option which is not the best fit for your needs. This puts the homeowner in the best position possible.


Current Recommendations

It is recommended now that, for as long as you hold the title to your property don‘t walk away. This is recommended even if you can't make the current payments or know you won't be able to soon. Start looking for help as soon as you know things have changed so much you won't be able to make the payments.

Too late?

If the bank has already started the repossession process it's still not too late for mortgage Negotiation if you talk to the right people. You can still get help way into the repossession process. There is however no way to know what your outcome will be. There are a few mortgage negotiation companies who will do every thing in their power to keep you in your home

Before you walk away

If you honestly feel like walking away the best advice is talk to someone who deals with mortgage negotiation first. There are often solutions which will benefit you. There have been numerous occasions where the home owner came out ahead. Knowing this makes the process worthwhile. Doing this might also save you from credit problems in the future. The best advice in all instances is talk to someone who has dealt with many Mortgage negotiations. Those who have cross trained and specialize in this field often have solutions neither an attorney or loan officer is aware exist.

Negotiations with the negotiator

Negotiating with a negotiator for the price of their service can be tried. For the most part you won’t get far. The best thing to do is ask for a quote and do some comparison shopping. Make sure you are asking for the same services so a competing company will know just was the other is offering. Never tell a competing company how much another company is going to charge.

The bank wants to know why you need Mortgage Negotiation

It is oblivious if your asking for a loan modification there has to be a reason. Your reason is what you present to the negotiator who is helping you. The debt to income ratio is important. You must be able to prove you can meet the new monthly mortgage amount. It is important also to be specific as to why you can't meet the current payment.


Choose to remain in your home

If you can’t make your house payments Mortgage negotiation is worth the effort. The opportunity to remain in your own home with payments you can afford is something people only dreamed of years ago. Take advantage of home mortgage negotiations if you have the need.

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    • wheelinallover profile imageAUTHOR

      Dennis Thorgesen 

      8 years ago from Beatrice, Nebraska U.S.

      Brett, we have been helping those who fall behind, in America only, for almost two years now. We don't do the actual work it is handled by liscensed lawyers. We also help people receive home loans. This again is in America only. Each countries laws and rules are different and the group we work with are only legal in the US.

      We are advertising more now for home loans because it seems to be the way things are moving. Less are losing their homes and more are buying. We see this as a good thing.

      Thanks for reading and sharing.

    • Brett.Tesol profile image

      Brett C 

      8 years ago from Asia

      A very useful hub. I found myself here as I am considering a purchase at the moment ... hopefully I won't fall behind, but it is good advice nonetheless.

      Shared, tweeted, up and useful.

    • wheelinallover profile imageAUTHOR

      Dennis Thorgesen 

      9 years ago from Beatrice, Nebraska U.S.

      Thanks Becky, there is more information available on our facebook fan page. There is both help and hope available for those who face losing their homes. In this respect we are in a time unlike any in history.

    • Becky Katz profile image

      Becky Katz 

      9 years ago from Hereford, AZ

      I am sharing this with my followers and am going to tell a friend to look for it. She was asking about how to help a friend who is about to lose her home. I could not remember where I read it but now that I have found out, I will send her over.

    • wheelinallover profile imageAUTHOR

      Dennis Thorgesen 

      9 years ago from Beatrice, Nebraska U.S.

      Many of the banks now realize they are losing money that would still be in their hands if they had started negotiations earlier. Vacant houses which are bank owned are expensive to maintain.

      This article was to let people know there is help for those facing foreclosure. The banks may not want to deal with the homeowner but are more likely to if there is a lawyer or negotiator involved. The best are the ones trained both in law and have an understanding of how the real estate banking world works.

    • Brett.Tesol profile image

      Brett C 

      9 years ago from Asia

      Really useful advice.

      It is definitely in the benefit of both the home owner and the bank to continue the mortgage as long as possible, especially if the rate, or payments, are beneficial to both parties. A mortgage negotiator can not only negotiator rates, but also a break from payments if things are really bad. People need to know about this!

      Thanks for SHARING.

    • wheelinallover profile imageAUTHOR

      Dennis Thorgesen 

      9 years ago from Beatrice, Nebraska U.S.

      Believe me Becky we are trying to help as many people as possible remain in their homes. The banks in reality lose if they don't work with homeowners. This has really been brought home to them in the past few years. We work with a great group of people who have learned things since the housing bust, and really are keeping people in their homes.

    • Becky Katz profile image

      Becky Katz 

      9 years ago from Hereford, AZ

      This would have come in real handy 6 years ago, when they repossessed my house because I was a month behind. They told me not to make any payments until they adjusted my payment. It went up, not down. I had gotten laid off and we couldn't make it on my husbands disability. The only thing that makes me happy, is that the house still has not sold. This area was hit hard by the housing problem.

    • wheelinallover profile imageAUTHOR

      Dennis Thorgesen 

      9 years ago from Beatrice, Nebraska U.S.

      Thank you Mistyvermin969 for dropping in and leaving a comment.

    • Mistyvermin969 profile image

      Mistyvermin969 

      9 years ago from Los Angeles

      Great hub continue the great work!

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