Donald Trump’s Advice On Mortgage Troubles

It’s become very evident these last couple years that the housing market isn’t what it used to be. People have taken large hits on home purchases that they bought with the simple intention of “flipping” in a few short years. A good portion of people used “creative financing” to purchase a large house for a small payment, not intending on owning it long enough for the mortage to go up after the initial low payment expired. What happened for a lot of these people, was that they purchased homes under a certain mortgage rate for 5 to 7 years that increases greatly after that time is up. When the housing market tanked, they were stuck with a home that they couldn’t sell at the end of that 5 to 7 years. Stuck with the higher payment that they couldn’t afford, they were forced into bankruptcy.

So, what does Donald Trump say about this? Well, Mr. Trump’s advice according to The Trump Blog is to simpIy do everything possible to stay in your home. He says, that talking to the mortgage lenders and trying to strike a  deal is the best thing to do. “The banks don’t want to own your house.” says Mr. Trump. The reason behind this is because as long as your in your home, there’s more of a chance for them to get some of your mortgage payments still, even if they are partial payments.

If you’re having extreme difficulty making your payments, call your lender and try and explain your situation. If you explain to them that you are willing to do everything you can to stay and that you’d like to pay your mortgage if they would lower the interest rate, chances are they will try to work with you. The reason behind this is because if you’re making payments at a lower rate, you’re still making payments an the banks are still ahead.

Donald Trump says, “Fight with your bank. Love your bank. Do whatever you have to do, but don’t leave your house.”

Donald Trump has a lot of experiences working deals in dire situations and if there’s one thing he knows, its how to keep himself out of COMPLETE trouble. Following Donald Trump’s Bankruptcy advice is not necessarily a guarantee success but its worth a shot. Best case scenario you have a new interest rate that you can afford. Worst case, you’re in the exact same position you started out in.