For the most part, homeowners in the City of Alexandria, particularly in the neighborhoods of Old Town and Del Ray have been somewhat immune to the wave of foreclosures and short sales that have plagued the surrounding areas.

But even with sought-after benefits including four metro stations, many homes with high walkability scores, and a close-in location, foreclosures and short sales are still a reality.  Homeowners who find themselves with a troubled mortgage should not waste any time in negotiating with the bank.

When it's time to make the call to the bank to renegotiate your mortgage, here are the five papers you'll need on hand:

  1. Your most recent mortgage statement or coupon booklet.  If you receive monthly statements, you'll need to reference your loan number and view your payment history.  Once the account representative retrieves your account information, they'll also be able to see your recent payment history.  While a coupon booklet will have your loan number, it will not be as detailed as a monthly statement.
  2. A brief explanation of your current circumstances.  Be honest and specific about your current situation.  Every person and every situation will be different.  Be prepared to provide documentation to support your circumstances.
  3. Recent pay stubs or tax returns.  Pay stubs are proof of past income earned.  If you are presently in a position where you need assistance, or if you fear you may need assistance soon, your pay stubs will help you prove that you were capable of earning a steady income.
  4. A list of household expenses. Include your utility bills, food, insurance, and the basic necessities.
  5. A list of other debt obligations.  Any credit cards, car loans, student loans.

The number one comment that I hear about foreclosure prevention is that homeowners often wait too late to get help, making foreclosure inevitable.

Source: FHA

Free Brochure: Learn How To Avoid Foreclosure and Keep Your Home

City of Alexandria Resources

Free Consultation: See If You Qualify For A Short Sale for your Old Town or Del Ray home

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