When I saved my home from foreclosure, there are many things I wish I had done differently but the biggest one is how I worked with my banks. I did many things that I wish I had not and there are others I wish I had done. Here is where I went wrong.
Taking the First Offer
I took the first offer that my banks gave to me. I did not try to negotiate or ask them if there was something else they could offer me. The reality was that I needed an offer that would have lowered the monthly mortgage payment. I had recently gotten divorced and the payment was more that I could afford on my income alone. The offer I got from the banks did not lower my payment; it only allowed me to get current on my existing loan. I should have clearly articulated to my banks what I needed to see what they would have then offered me.
Not Seeking a Higher Authority
The only people I talked to at my banks were the foreclosure specialists. I never got to speak to a supervisor or anyone who potentially could have done something more for me. I got conflicting and contradictory answers from the different people I talked to at one of my banks. I wish I had demanded to speak to someone with more authority. I also wish that I had written a letter to their foreclosure department that explained the service I received, who I talked to, and the dates I talked to them. This way perhaps I would have gotten someone to call me who could give me real answers about my situation. I also would have had a written record of what happened with that bank.
Not Asking About Fees
There were thousands of dollars that I paid to my banks in various miscellaneous fees. I never even knew what any of them were. I should have asked for an itemized list of all of the fees I was assessed so that I knew what I was paying for. This was well within my rights to request since they charged me so many fees. I also wish I had asked them to forgive some of the fees they charged me.
I cannot go back and change any of what I did but hopefully my story will help you deal more effectively with your bank during your foreclosure.
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- Banking & Budgeting