Negotiating with the bank on your own could be dangerous and it could be very costly. I do not want to seem like I am using scare tactics; instead I wish to protect the homeowner from tactics the bank may use against a home owner. Here is a short list of things you can do to protect yourself.
1. Don’t sign any papers without allowing us to review them. At the very least, do not sign anything you do not understand.
2. All promises or agreements must be in writing.
3. Do not sign any documents where you are not released from liability for the mortgage. It is common for this to be entered into the agreement at the last moment, so have an attorney review every version of the agreement.
4. Always meet with an attorney about the loan modification.
5. If you are selling the property, research any complaints about the buyer and/or any company you are using. Contact the Attorney General, the State Real Estate Commission and/or the Better Business Bureau.
Food for thought:
1. Don’t damage your credit if you do not have to.
2. Write your mortgage lender immediately by certified letter.
3. Do not leave your home.
4. Arrange an appointment with Myers & Eichelberger to discuss your options.
5. Cooperate with your lender.
6. Explore all your options before your lose your patience and get frustrated.
7. Beware of scams. This includes anyone who will do work on an upfront flat fee, or anyone who promises you they can save your home.
8. Do not sign anything without having Myers & Eichelberger review the documents. Do not sign your deed over to any third parties who promise to sell your home.
9. Act now! Do not wait while the bank drags you around. If you do nothing, you will lose your home. The bank will make promises and while you are negotiating a short sale or loan modification , they can still foreclosure.