Sometimes You Have To Ask
Posted on October 30, 2007 |
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So I was watching this show The Millionaire Inside on CNBC and the episode featured Donald Trump talking about real estate investments. One of the audience members asked Trump if he thought it was a good time to buy real estate since there were so many foreclosures. Trump’s response was interesting. Before he answered the question he addressed the foreclosures. He said if you you are being foreclosed the first thing you should do is ask the lender to work something out. Ask if you can change the mortgage terms to save the home or property. He went on to say that he’s seen way too many people walk away from properties when they get the foreclosure notice without trying to negotiate. The last thing a bank wants, according to Trump, is to take over a property.
Wow. That kinda floored me. Of course, ask. Talk to the bank. Have we really gotten so far away from the human element? There’s a lot of power in speaking with someone and you never really know what will happen until you ask. Negotiating, whether for a house or a car or a DVD player at the electronics store, doesn’t have to be some hard-nosed battle. It can be two people asking for what they want and figuring out what it will take to get a deal done.
As long as you are being reasonable it doesn’t hurt to ask for something you want in a deal. You may get that extra speaker cable thrown in, or the mats for your car, the batteries for an electronic device, the extra set of prints. Or maybe you’ll be able to keep your home!
Let me know if there’s been any situations where you asked for something and got it (and you wouldn’t have otherwise)!
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- Christina said: We took almost identical steps when we went to one income just over a year ago.
One thing we did, that you didn't mention, is to raise our insurance deductibles on our vehicles. Yes, it's a risk if we're in an accident, but you do tend to drive more cautiously.
You could on What We’re Doing To Adjust To One Income - That One Caveman said: That sounds like the exact same steps we took two years ago as we prepared to go to a single income. I'm so glad we did it and you will be, too! on What We’re Doing To Adjust To One Income
- MeLu said: Do I ever know what you mean, we went to a one family income over a year ago. Our income was cut in half, but our spending did not stop. I've now realized that we are in deep trouble. Lucky I'm old enough to draw social security but that is not enough so I'm on What We’re Doing To Adjust To One Income
- Nicole said: Good for you. It must be a tough change to make but it sounds like you are doing all you can to make it work. on What We’re Doing To Adjust To One Income
- Mercedes said: I saw this earlier but now I can comment now that the kids are in bed. I just wanted to drop by and offer support to both. I was miserable in my job thinking of everything I was missing with my child. And I did miss a lot, now that I have a second on What Is Raising A Child Worth - We’re Going To One Income
- Christina said: We took almost identical steps when we went to one income just over a year ago.
One thing we did, that you didn't mention, is to raise our insurance deductibles on our vehicles. Yes, it's a risk if we're in an accident, but you do tend to drive more cautiously.
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I doubt a bank would just re-term their mortgage because you asked them to. Besides, what are the odds that the original bank still owns the loan! They usually get re-packaged and sold shortly after they are signed.
My point isn’t that a bank would let you keep your property because you asked. My point is that you have to at least ask. At the first hint that you may not be able to make your mortgage payments you should be contacting your lender to let them know and see if you can work something out. The same thing can be done with credit cards. If you are really tight one month you should call them up and see if they can extend your payment date. Some debt you can’t work around but at the very least see if a lender, or whomever else, will meet you part of the way.