Applying for Jobs with a Criminal Record: Know Your Rights
3 Tips for Negotiating a Mortgage Modification
Michelle Garrett
Are you having trouble paying your mortgage? Have you fallen months behind on your payments? If so, foreclosure may be looming on the horizon. Very often, struggling homeowners choose to ignore the problem, hoping that it will somehow go away on its own. That's usually a mistake.
Your lender probably doesn't want to foreclose on your home. That will leave them with a property that they'll have to maintain and sell. Rather, they may be willing to work with you to modify your mortgage in such a way that you can get caught up. Here are a few tips on how you can get your mortgage modified.
Be upfront and honest about your situation. Again, your lender likely wants to find a solution other than foreclosure. They'll probably have specialists available who work specifically with homeowners in your situation. Call your lender and ask to speak with a modification specialist. Then explain exactly why you've had trouble making payments and whether the issue is temporary or permanent.
Once they have a better understanding of the issue, they can present options for possibly modifying the loan. One popular modification is extending the length of the loan to reduce the payment and account for missed payments.
Make your own offers. If you make a modification offer in writing, your lender is obligated to review it and respond. Don't hesitate to make multiple offers. You could extend the term of the mortgage, change your payment, or ask for a temporary forbearance to be repaid later. Your lender may not accept your proposal, but they'll at least halt any foreclosure proceedings while they review it.
Very often, they'll come back with a counteroffer, which can be a great way to start a negotiation that leads to a satisfactory outcome. If your lender isn't offering a modification, there's nothing saying you can't make an offer on your own.
Hire a foreclosure attorney. If you have a sincere desire to keep the home, but feel like you aren't making progress with the lender, you may want to hire an attorney to negotiate and advocate on your behalf. Resources like Liviakis Law Firm can present evidence of your efforts to modify to the court, which could stop any foreclosure proceedings.
The attorney can also use his or her experience and knowledge with similar situations to propose modifications that you may not be familiar with. Also, very often a lender will see the hiring of an attorney as a sign of an imminent bankruptcy filing. The lender may then have more urgency to modify the loan. They'd probably rather have a modified loan on their books than one that gets pulled into a bankruptcy filing.
If you're not sure how to proceed, schedule a consultation with a local bankruptcy or foreclosure attorney. They can review your situation and offer suggestions on how to move forward.
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I'll be up front: I have a criminal record. As someone who's spent lots--and lots--of time looking for a job in my life, I've gotten used to being up front with this fact. It's difficult to get hired with this on my record, and frankly, it never gets less scary to have to tell an interviewer about it. But that doesn't mean I'm unemployable. I'm a hard worker who can bring a lot to any company. And I also know what an employer needs to do for me. I know my rights. There's no federal law protecting me from discrimination due to my record, but there are plenty of state laws that make it a little easier for me. If you're looking for a job and you have a criminal record, read through this information. Protect yourself during a job search. Know your rights.