Facing Foreclosures-What Need To Be Done

Nevada again is on top of the foreclosure statistics, and I really don't feel the necessity of citing any sources. It is an open secret. Foreclosure is on the rise, and the tide has become uncontrollable. I like to mention briefly the tips to stop the foreclosure and also there is an article published in LA Times on the same issues.

1. Please contact your lenders/servicers immediately
2. Open a dialog and tell them your situation.
3. Don't be frustrated with the process
4. Most of the folks (newly hired)at your lenders and servicers are new folks, and learning the job as they go. Please be patient with them
5. Make record of every phone calls, write down the name, phone extension etc.
6. No need to lose your temper.
7. Send them whatever they want, resend the same things again. Don't make a big deal about their demands.
8.Try to call the rep by their first name more often than one time during conversation. Try to build a bond between you and him/herself. Yelling, screaming would be totally unproductive. No need to tell them the horror stories, they know enough already. Try to be brief, and not very legalistic. You are not an attorney, you are consumer. Ask yourself one question, why I am behind? How many months I am behind? Why did not I pay them? Afterall, you signed the contract as well. Please stop having over expectations. No one is deliberatly harming you. Accept the fact that you could be wrong also, and you had made mistakes as well. Now, let us sit back and read this wonderful article.

http://www.latimes.com/classified/realestate/news/la-fi-lew8-2009nov08,0,5612117.story

State Prosecutors Are Planning to Sue Lenders Again

Enough is enough as lenders had their say and swayed of course in all loan modification programs and in preventing the foreclosures process. They have frustrated almost every program the government and the fed had announced. The latest of course was the Obama Plan, which was launched with great fanfare, and of course it had helped the deterioraing foreclosure situations little bit but not enough--it has not stopped tremendous homeowners and their foreclosures. Banks had frustrated all these efforts, and are determined to do their nitpicking on every small issues. We agree with the analysts that the Obama Plan had no teeth in it when it comes to enforcement. Also, the 31 percent limitation of loan modification is not rationale. Again, it had not addressed the principals reduction which is a core issue in this crisis and bring it to the latest market values. Lately, the state top prosecutors are agreeing to seek the judicial remedy again, and are thinking of taking the lenders back to the judicial process. In our view, they are late. A judicial remedy is best, and of course quite expensive for the lenders, who had lately again been giving the despicable bonuses to their executives for doing nothing. When are they going to learn a lesson in this regard. Please read the following links to a very important news item.

http://www.nytimes.com/2009/11/03/business/03suits.html