Credit and debt counseling has become a booming business over the last few decades..
For many people, their most important dream is to own a home...
If you have amassed a rocky credit history and if you are burdened with a low credit score


Disputing and Negotiating Strategies on Mortgage Loans

If you are facing foreclosure, you may be absolutely at wits end.  You may be wondering what you can do … If you are facing foreclosure, this can be having a negative effect on your overall credit score and credit history.  Indeed, many people who have bad credit are in such straits because of the fact that they are delinquent in making their home mortgage payments.  If you are in such a position, you will want to consider what disputing and negotiating strategies are available to you today when it comes to dealing with delinquent home mortgage loans.

Seeking an Interest Abatement

One step that you might be able to take when it comes to negotiating in regard to your delinquent home mortgage is that of seeking an interest abatement.  In many instances, if a home mortgage loan is past there are some option available to you.  By taking advantage of some of these options, you might be able to deal with bad credit history and bad credit score problems. 

Many home mortgage lenders are interested in working with their clients to assist them in bringing their accounts into a current state.  In this regard, some home mortgage lenders are willing to allow for an interest abatement on your home mortgage loan.


 


Seeking a Lowering of Interest Rates

While it is not a common practice, some home mortgage lenders are willing to negotiate a temporary lowering of interest rates associated with a home mortgage loan if a person who has borrowed money from that lender can demonstrate a real need for such a deal.  For example, if you have been seriously ill, in the aftermath of your health situation your home mortgage lender may agree to a slightly lower interest rate on your home mortgage loan in order to keep your business and in order to keep you from looking elsewhere for refinancing.

Negotiating a Grace Period

More commonly, when a consumer is trying to deal with a bad credit history and bad credit score as the result of problems keeping a home mortgage loan current, a lender may be willing to allow for a grace period or a temporary abatement on home mortgage loan payments.  In other words, the lender may be willing to give you a bit of breathing space in order to try and get your financial house into a bit better order. 

Be Honest, Be Direct

When it comes to trying to negotiate with your home mortgage lender, you will want to be direct and honest -- you will want to proactive.  Contact your lending consultant with the home mortgage lender and have a frank discussion about what you can and cannot do in regard to bringing your home mortgage loan current.  You may be able to get yourself well on the way to resolving problems associated with a bad credit history and a bad credit score.