What letter can I send a lender to stop calling as I start the foreclosure process?

by oliver on September 30, 2010

Question:

What letter can I send a lender to stop calling as I start the foreclosure process?

I am about to start the foreclosure process. I know the lenders will send mail, but is there a way to get them to stop calling my home and business? I heard that you can send a letter to the lender and they have to quit calling and can only contact you through the mail.

Answer:

Do not try to mix up the credit laws because it will only make matters worse. The lender has every right to send you letters and notices to inform you of the amount that you owe. If you want to keep your home and avoid foreclosure, sending them a letter telling them not to call you is not a wise move. The most important thing for you to do in this kind of situation is to talk to your lender and work things out. Remember that a foreclosure process will not only affect you negatively but will cost the lender a lot of expenditures. Your lender may even have to shell out lots of money more than you do in order to solve the situation. Therefore, lenders, as much as possible, try to make agreements with the borrowers to avoid such process to occur.

One option you can discuss with your lender in order to stop the foreclosure of the property is loss mitigation arrangement or loan modification program. Your lender will definitely help you work out a solution if you just let them know of your situation. It would not hurt to ask your lender whether or not he can compromise for you to save your house because he definitely wants you to keep your house as much as you do.

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