Posted on: 15th Sep, 2009 05:16 pm
I am late with my mortgage payments for two months now and when called the home owner assistance program they told me that I do have to be at least three months late to start any negotiations. It is true? What could happen with my mortgage in the mean time?
FHA Guidelines are revised & there are several modification offered. The 3% downpayment requirement s expected to be reduce or removed
hi nicol,
there is no such fha guideline that mandates the borrower to be 3 months' late on mortgage payments. it actually depends on your individual lender. some lender may offer you loss mitigation options when you are 2 months behind on your mortgage payments, while some may require you to be at least 3-4 months behind. however, the more late you are on your mortgage, the more negative impact it will have on your credit.
there is no such fha guideline that mandates the borrower to be 3 months' late on mortgage payments. it actually depends on your individual lender. some lender may offer you loss mitigation options when you are 2 months behind on your mortgage payments, while some may require you to be at least 3-4 months behind. however, the more late you are on your mortgage, the more negative impact it will have on your credit.
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