1. Talk to your lender as soon as possible. Don't wait to go further into delinquency. Time works against you. Once your payment is overdue, your opportunity to get the lender's cooperation declines.
2. Don't be afraid of your lenders. The lender is in the lending business, not the real estate business. They do not want your property. They want to work with you to ensure the loan is paid.
3. Beware of scam artists. Predatory lenders and distress opportunity scammers often target people in financial distress. They try to force you, in a time of panic, into high cost mortgages, which increase your financial problems and the risk of losing your home. Predatory lenders usually offer loans with hidden fees and rate increases. Be aware of "magicians" who pitch dream solutions that sound too good to be true. If it sounds too good to be true, the dream will likely become a nightmare. There are no magicians in this industry. Don't agree to promises that are unrealistic. Look for a real solution.
4. If your loan is insured by the department of Housing and Urban Development or the FHA, you may be eligible for a one-time payment to bring your mortgage payment current.
5. Don't try to negotiate a "short sale" on your property by yourself. When you are sick, you go to the doctor. When you go to court, you take a lawyer. For a successful short sale, seek professional advice. In most cases, you will have ONLY ONE chance at a successful negotiation with your lender.
Source: www.ishortsale.com
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