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Foreclosure Workout Solutions

A "work out" simply means trying to "work it out" with your lender.

How does a workout work?

A true "work-out" starts when you notify your lender that the present loan terms aren’t working. A workout is only available if you have the ability, in a short period of time, to cure the problem that got you into default. In a broad sense, a workout is finding a solution, any solution, to your problem. It can therefore include bankruptcy or a walk away.

Chapter Overview

  • Temporary Relief
  • Goal of a Foreclosure Workout
  • Creating a Workout Plan
  • Communicating with Your Lender
  • The Lender’s Workout Objectives
  • Parties to a Foreclosure Workout
  • Deed in Lieu of Foreclosure
  • Example of Letter Requesting Deed in Lieu of Foreclosure
  • Bankruptcy
  • Short Sale
  • Example of a Short Sale Letter
  • Refinancing
How do I negotiate with my lender?
Posted by Ralphmcd3 on Fri, 01/02/2009 - 15:24

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