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Hard Calls To Make
Some Phone Calls Are Just Hard To Make....
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Despite what your popular infomercial of the day has to say, it ain't easy giving bad news. And it's not in my nature to take advantage of it. I wrote a post not too long ago about a transaction that turned real dead, real fast, after the appraisal came back. An adjustable rate came due, yet they couldn't do a thing... Adjustable Rates were a popular phenom and always will have their place. I didn't make them that original loan but I followed up like a madman to try to make sure I'd make them the next, and hopefully, final loan they'd ever need. This story is like many others though, they were credit challenged and equity poor two years ago, they took a lower rate on adjustable terms to get a lower payment...with the idea of things would turn around. Things didn't turn around. Still falling behind on their mortgage, I had spoken to them 6 months after they entered that transaction...haven't let go of them since. When the the time came that their rate adjusted (higher, which it almost always will be with these programs), I was there trying to work with them to see if there was a way out. They were finally on-board and an appraisal was done...so was their transaction. Turns out, they had no equity at all and their credit didn't do them any favors. So, even though the phone call sucked to make, and I heard tears on the other end as we spoke, I had to give them the best advice I knew how to give them. Many of you, across the states, may be in the same boat. You have no equity (you owe what your house is worth and maybe even more than what your house is worth) and your credit isn't anything to write home to Mom about, despite the fact that was the program you entered trying to correct things in your financial life. If this is you, in any way, let me give you an alternative means of trying to situate the situation. * Call the Company Who Currently Holds Your Mortgage! Trust me on this, they are not in the business of owning houses, especially ones there is not equity in. If your rate is starting to adjust and you realize you have no equity to refinance out of it into a fixed rate situation and won't realistically be able to afford the payments, call them. Call them now! If you are still reading this, you should of already dialed their number. The worst thing you can do when dealing with creditors is to lack on the communication thing. Explain your situation, professionally and persistently and work out something that works for both of you. That is, in my estimation, the best way in this situation to make things work. If they are a smart lending entity and you are a consumer of your word, things can and will be worked out. Banks hate balances that exceed what their collateral is worth, lenders dislike when they aren't being paid. Both feel the same about the matter, use it to your advantage! There is breathing room...just remember to breath and to communicate. Do both with integrity and there will be plenty of air for us all...
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May, 2012
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