Don’t Push the Envelope!

Larry O. Doss Tuesday, June 9, 2009

Fighting your inner demons may be difficult, BUT don’t be afraid to open the envelope.

Not long ago a GreatWest GMAC Real Estate Professional recalled that she had gone to the home of a client to perform a listing presentation for a possible short sale.

During the presentation and while looking at paperwork the client had, the agent noticed there were several recent envelopes the client had from the mortgage company. Most of the envelopes were not opened.

When the agent asked why they had not opened the envelopes, the client stated they knew they didn’t have the money to pay the mortgage. As they sat there and opened the envelopes, it was discovered that the mortgage company was trying to contact the homeowner in hopes of working out a solution instead of foreclosing on the home.

It soon became clear that the homeowners really wanted to keep their home, but were afraid they could not come up with the mortgage payments they were in arrears. They hadn’t even considered that they might be able to work out a repayment plan with the mortgage company. Often with repayment plans the past due amounts are divided and added onto the regular monthly payments.

This can be done for an extended amount of time, and allows a homeowner to bring the loan current. Plans for repayment can often be made for as little as 3 months, or for as long as 24 months.

This was just the option the homeowners needed. The husband had been laid off and it had taken 5 months before he could find a job. The family had been struggling to pay all of their bills with just one income.

Even though they were behind on their mortgage, they were now able to make payment arrangements to keep their home. This was advantageous because they were able to prevent foreclosure. Many mortgage companies will cooperate and work to allow repayment plans benefitting troubled homeowners.

So don’t be afraid to open the envelope!

Written for GreatWest GMAC Real Estate
by: Myrl Jeffcoat

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