No Job? Can't Refi? How Do You Talk to Your Bank?

You have been laid off or let go from your job and your in a quandary over what to do. You have a mortgage that you need to pay and you don't want to get behind. Instead of wiping out your savings at first why not try to talk to the bank and see what they can do. For many people this seems like a crazy thought. Why would I talk to my bank? What are they going to do for me? If I tell them then things may get worse. This might be what you think but banks for all the bad press they have received during the past few months are trying to work with people. There is always a second job that you can try for but we all know with the current economy this can be trying and exhausting. There are a few things you can do when you call the bank:

• Find out who services the loan by contacting the bank or lender you pay monthly
  If the servicer cannot help after using the following steps, find out who actually owns the loan and deal directly with them.
  
• Call the servicer or lender immediately and speak to someone in the loss mitigation department as soon as possible about refinancing
  
• Write what's called a forbearance letter or postponement of payment letter to either the servicer or lender telling them of your situation
  
• Be prepared to provide documentation of unemployment or income loss of you or your spouse
  
• Keep accurate copies of anything you send to a servicer or lender

I have attached the following article for more information but one thing to keep in mind is don't get discouraged. You are not alone in this. Exhaust all possibilities before making any rash decisions.

http://www.cnbc.com/id/29595747

http://www.JoeReef.com