Posted on: 15th Jan, 2011 05:21 pm
I have a Modular home and am unable to keep up on the payments due to a large decrease in income. I have already been served papers from the morgage company wanting to forclose on my property and have tried to make up the papments but I just can't. How do I know if I can be eligable for this program and how long does this prosess take.
Michelle
Michelle
hi mgarciafive,
you can send a hardship letter to the lender and apply for a deed in lieu of foreclosure. if the lender is convinced about your financial hardship, then he will be ready to accept your request.
you can send a hardship letter to the lender and apply for a deed in lieu of foreclosure. if the lender is convinced about your financial hardship, then he will be ready to accept your request.
mgarciafive,
If you want to try for a DIL you need to be behind on your mortgage 5 to 6 months before you can request it. When you receive the phone calls from the mortgage company about your mortgage, keep telling them you would like to apply for a DIL, after a bit they will have you send all the info that they need for you to apply. You will need a hardship letter stating why you can not pay for the house, and you will need much financial info. Fax it to them, give it a month and call them to see if they have assigned a negotiator for you. Then keep in contact with them till the process is over. The process takes around 4 months from the time you send the info they need and the time you get your release of mortgage. Hope this helps!
If you want to try for a DIL you need to be behind on your mortgage 5 to 6 months before you can request it. When you receive the phone calls from the mortgage company about your mortgage, keep telling them you would like to apply for a DIL, after a bit they will have you send all the info that they need for you to apply. You will need a hardship letter stating why you can not pay for the house, and you will need much financial info. Fax it to them, give it a month and call them to see if they have assigned a negotiator for you. Then keep in contact with them till the process is over. The process takes around 4 months from the time you send the info they need and the time you get your release of mortgage. Hope this helps!