Q: Why this instead of bankruptcy?
A:  Bankruptcy seriously damages your credit for a long period of time and you may be forced to give up valuable assets. It also costs thousands of dollars.  In some situations, after all efforts have been exhausted, it may be necessary to file a bankruptcy. Please consult with an attorney on these matters.

Q:  I called the bank and they tell me there is no hope. What should I do?
A:  Foreclosure is a tense situation. Lender agents are trained to squeeze as much out of you as they can. Many deals are worked out after agents have offered little hope. Be persistent and keep calling your representative. Banks will recognize your efforts in most situations and try to work out some type of plan for you.

Q:  My lender says that I have too many bills.
A:  This is a situation that can void any deal available. You may have to decide what items are really important and make sacrifices to keep your home. Part time employment and extra income are always options.

Q:  My lender tells me I am approved for a workout but I have not received anything in writing.
A:  Most if not all lenders do not honor verbal agreements, get it in writing.

Q:  Why would the bank work with me?
A:  Lenders lose millions of dollars each year on foreclosures. No matter how nice or new your home is, banks will inevitably lose if your home forecloses. More people than you think have problems making their home payments. Lenders must offer these programs or face huge loses in the long run.

Q:  I received foreclosure papers; is it too late to do anything?
A: Absolutely not. Some banks for what ever reason offer better programs once a loan is in foreclosure and out of collection. If your home has not been sold at foreclosure auction, it’s not too late.