I saw an infomercial the other day about a debt reduction book where the author said there is a two word phrase that will change the conversation with creditors. However, he didn't give the phrase during the infomercial. He has a book to sell. I know this phrase. After many months of past unemployment and degraded credit, I've dealt with many creditors. This includes the mortgage company that started foreclosure proceedings on my house.
The key phrase is "financial hardship." This will turn the conversation. I believe they won't even discuss a relief plan until you say this phrase. On top of that, the mortgage company didn't even propose a "short sale" until I mentioned my attorney told me about it. When I told the mortgage company that my unemployment caused my delinquency, their solution was referring me to a staffing firm. Another option my attorney told be about is the "deed in lieu of foreclosure." However, a mortgage expert told me that the latter option would have the same effect on my credit as a foreclosure.
By the way, I avoided foreclosure by selling my house through an approved short payoff with my mortgage company. It was a wild process. The mentality of lending institutions and the way they operate is bewildering.
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