Posted on: 22nd Feb, 2008 07:18 am
this year i have just payed my way out of forcloseure and have learned that my arm loan will be up in may. this meens that my instret rate is going to go up. i will not be able to afford my mortgage payments if it goes up. i have had my place for sale for a year. no one will refinance me because of my credit. my loan was bought by a debt collector. what will happen if i have to forclose? willistill owe money? can i do a dil with a debt collector?
If you have an ARM loan, be proactive and call your mtg servicer they may have some kind of workout option for you....they could possibly reset your rate if you are unable to afford the ARM....if you are current on your mortgage now you might be able to get some help...main thing is to communicate
What help do you speak of if you are currrent?
Hi Saradanielle,
First of all, I don't think it's a debt collector rather it's a mortgage servicer who has purchased your loan. So, now he will be taking payments from you and paying for the taxes and insurance from the escrow account. Whether you are unable to pay or may have problems shortly, it is the servicer who can now guide you with alternative options on how to pay off your mortgage.
You should seek an appointment with the servicer and talk to him about your concerns. You may qualify for a Rate Free Plan but this depends on certain criteria.
To know what to do if you cannot afford payments, check out the 17 steps to avoid foreclosure . You won't qualify for options like forbearance or reinstatement until you are behind but there are other options stated there which may help you in this situation.
Feel free to discuss further.
Regards,
Jessica
First of all, I don't think it's a debt collector rather it's a mortgage servicer who has purchased your loan. So, now he will be taking payments from you and paying for the taxes and insurance from the escrow account. Whether you are unable to pay or may have problems shortly, it is the servicer who can now guide you with alternative options on how to pay off your mortgage.
You should seek an appointment with the servicer and talk to him about your concerns. You may qualify for a Rate Free Plan but this depends on certain criteria.
To know what to do if you cannot afford payments, check out the 17 steps to avoid foreclosure . You won't qualify for options like forbearance or reinstatement until you are behind but there are other options stated there which may help you in this situation.
Feel free to discuss further.
Regards,
Jessica
