I get this question more often than you would think these days. There are several options, and I want to preface what I am about to say in that these are my opinions and experiences. They are in no way exhaustive or exclusive. I am not an Attorney or a Realtor. I am also not a CPA. I am a Loan Officer for a Mortgage Banker.
Ring Ring! “Hi, This is Melinda, how can I help you?”
“Hi Melinda, this is Mr. So-and-so. One of your associates asked me to call you. I am behind on my mortgage and I’d like to know if you can help me to refinance?”
This gent had lost his job a year ago. His wife had been forcibly retired from her job of 23 years. They had used up all of their savings to keep making their mortgage payment. The money had run out, their mortgage payment had gone up significantly (25% more) and they were behind now and unable to keep making payments.
There are options. I work with several professionals who can help, and if you find yourself in this situation, call them all and do your research before making an informed decision on how to proceed in your best interest.
I advise the client to call the following professionals if they have already tried to refinance or get a modification from their current mortgage servicer with no avail and cannot bring their payments current:
- A Bankruptcy Attorney in Albuquerque. It’s good to find out if this is a reasonable way to go, and a Bankruptcy Attorney will consult with you and give you your options.
- Call a Certified Residential Distressed Property Realtor. Make sure they are certified. Find out if you need to “short sell” a property (meaning you owe more than it is worth and will attempt to negotiate with the bank to sell it for less than you owe) or if you need to list it as a pre-foreclosure or foreclosure sale.
- Get legal advice – in addition to a bankruptcy attorney, I also suggest they talk with Melissa Threet who is associated with Threet Law. She knows what is legal and what is not when it comes to bank negotiations and short sales and foreclosure sales. She is compassionate, knowledgeable and works very quickly. She is also extremely communicative. You will not feel like you are in a holding pattern, she will keep you appraised of everything that is happening and what she needs or is trying to do to help you. She is also a Realtor. She will not compete with your Realtor if you have already hired someone to help, but will work in coordination with them.
- To get your credit back on track, call Michael Ramos with CreditRescueNow.com. He is local, he is legitimate, and he can help you restore and repair your credit. He and his helpful staff will also educate you about your credit.
Check back next Thursday for more Albuquerque Mortgage info from Melinda Potcher and as always, feel free to contact me with your Albuquerque Mortgage questions.
Potcher is celebrating her 20th anniversary in the Real Estate Industry in 2012.