Lost Your Job from Bechtel Corporation in Frederick Maryland?
Bechtel Corp, one of the largest employer in Frederick County, has recently laid off more employees.
This is probably an strategic move since its decision to relocate its corporate headquarters to Fairfax Virginia.
What if you are a homeowner in Frederick County and you were one of the affected employees from Bechtel?
How are you going to pay your mortgage?
As a real estate Broker handling short sales for underwater homeowners in Frederick County. .. I found lately that more and more ex-employees form Bechtel Corp are needing help with their mortgage payments.
My advise if you are one of the employees affected. .
Check with your mortgage company and, if you have mortgage insurance with your loan, request coverage assistance
If you are sure that is apparent that you won't be able to meet even the mortgage payment within a month or two.. .you need to take drastic actions
Call you lender and explain the job loss and put this problem in their laps. Banks know that most mortgages are underwater and they are most likely to help you while you are looking for a job. In most cases they
will often work with you if you call them immediately after being laid off if you can’t make your payments -- or even before you miss even one payment.
Be honest and straightforward with them. . telling them that you’ve lost your job and you are searching for another job. At this time you should ask for a reduced or suspended payments for a period of time. Preserve any little savings you have in case you do not find a job for several months.
You heard the expression FOOD and SHELTER?
"You worry about the food part. . and in the beginning let the lender worry about the shelter part"
If you can't find a job promptly, you may have to consider at this time to unload the liability of an underwater property. Not a good place to be in when you are not making any money.
There are options you should consider. .in this order:
- Call you bank and ask for a loan modification . . and ask if you qualify for a principal reduction. . otherwise, most loan modifications are only helpful to the lender. .not you!
- Check This LINK if you have a Federally Insured Mortgage
- Inquiry about a short sale with an experienced Realtor.
- Consider a deed in lie of foreclosure
- Speak to an attorney before they foreclose your property
Fernando Herboso 240-426-5754
More information for Frederick Realtor for Short Sales
Short Sales Question and Answers for Maryland, DC and Virginia 240-426-5754