If you are getting foreclosure notice for your property, it would be wise to negotiate as soon as possible in order to save your property. If the bank gets more involved in the process, the chances of avoiding foreclosure might be reduced significantly. But you can always take some advice from loan modification firms and decide what you should do next. In most cases, banks never negotiate directly with the borrowers.
Contact through their website
Contacting the bank online is the easiest and simplest way if you are interested to negotiate. If you are willing to buy a house with foreclosure deal then this might be worthwhile. But if you are a borrower facing foreclosure and wish to negotiate your loan then you should not hope much. Instead of contacting the bank, you can contact the lender. If anyone can save you from this trouble, it is only the lender himself/herself.
Contacting the listing agent
No bank is directly involved with foreclosure sales and conducts its business through third parties. Your local real estate agents or listing agents are assigned to close the deal. If you are a potential buyer, contacting the listing agent would be the best idea. But as a borrower, you do not have any loan modification options available for you.
Asset management company
Banks also give the foreclosure deals to various asset management companies to process. Banks always try to avoid direct contact with foreclosure by any means. The loan modification professionals cannot help you much if the bank has already given the foreclosure deal to the company. But while it comes to buying from a foreclosure sale, you will get lots of options provided by an asset management company.
If you can convince your lender to allow you some more time by paying a partial amount of the loan with the help of a loan modification attorney, you might get some more time. But you have to pay back the rest of the due amount on time; otherwise, you will be close to experiencing foreclosure again.