Prevent MN Foreclosures, Negoatiate with Mortgage Lender
The other day, an article from CNNMoney.com featuring a success story about preventing foreclosures caught my eye and inspired me to comment on it. A single mother wrote a simple letter to the bank explaining that she couldn't afford her monthly payments if her payments go up due to the adjustable rate mortgage. She also followed up with a few phone calls to the bank to speak with bank representatives. It took two months before she recieved a letter from the bank explaining that her rate was lowered and fixed for 30 yrs. You can imagine her excitement. Her payment was lowered close to $1,000/month. Listen to this success story
Minnesota Homeowners need to become proactive about knowing the terms of their existing mortgage. The honeymoon is over. There is so much media about foreclosures and Adjustable Rate Mortages that you would have to be living in the foothills of the Himalayas in order to not hear about our housing crisis.
It is not OK to let your most valuable possession disappear without a fight, inquiry, or writing a simple letter. Minnesota Homeowners should be able to recite their interest rate and terms (fixed or adjustable) within 20 seconds if anyone should ask.
Mortgages should be treated like your 401Ks. Minnesota Homeowners should contact their mortgage professional to review their mortgage every year. The mortgage professional will be able to compare it today's market rates, current appraised value, and future forecasts. Become educated about your mortgage by contacting a trusted professional in your neighborhood.
Please do not sweep the nasty word 'foreclosure' under the rug. Foreclosures are tragic in regards to losing your home, damaging your credit score, and disrupting your family/business life.
I hope this sheds a ray of sunlight on your day. I was truly inspired by this single mother who took the bull by the horns and experienced success.
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Please feel free to contact me with any thoughts and suggestions about preventing foreclosures @ scott@uptownfinancial.com or 612-919-2119
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