What Lenders Require
WARNING: Keep in mind that you may not want to share information about your assets with your lenders because they may decide to sue you to collect on your debt. Your lender may demand that you sell your asset(s) to pay off the debt. By giving them this information, you have made easier for them to go after you. However, if you really want to work out an agreement, you may have no option but to share this information. But keep in mind, it may backfire on you.
Also, keep in mind that a secured creditor may require that you increase your collateral using your assets. If you don’t have any assets, the creditor may decide you are too much of risk to work with you. They may decide to take back the collateral you used to secure your loan.
A lender may require you have a cosigner for any new agreement. You may want to find ahead of time a friend or family member willing to cosign for you. The cosigner will be responsible for the agreement if you default on the agreement. So be careful. If you default on the agreement, this could ruin your relationship with the friend or family member especially if you promised to never default on the agreement. You should ensure that your cosigner can live up to the agreement and make them aware of the risks of cosigning.
Your lender may ask you to make your request in writing. If this is the case, be sure to send via certified mail with a return receipt so you know it was received by the lender.
Whenever you speak to a lender representative be sure to keep a record of who you spoke to, the date of the discussion, what was asked for, how the lender responded and the details of the agreement (if reached).