Posted on: 28th Apr, 2007 03:02 pm
I was currently in a repayment plan and missed one payment due to a temporary reduction in income. With my income now and a new job I am able to pay the repayment plan again. What are the chances my mortgage company will honor me with another repayment plan to avoid the sinkhole of foreclosure- which will benefit no one?
Hi ksienko,
Welcome to Mortgagefit forum.
Foreclosure is really not what lender would like to go for if they see that you can afford the payments now. You need to contact the mortgage company with documents that prove you have a good job now and can continue the repayment plan. It is more than a possibility that they will readily agree to accept your request.
But first thing for you would be contact the company as early as possible and state your desire to continue the mortgage with a new repayment plan. Explain that you have a new job now and can afford the monthly payments and are ready to provide full documentation of your new job profile.
Let me know what happens.
Colin
Welcome to Mortgagefit forum.
Foreclosure is really not what lender would like to go for if they see that you can afford the payments now. You need to contact the mortgage company with documents that prove you have a good job now and can continue the repayment plan. It is more than a possibility that they will readily agree to accept your request.
But first thing for you would be contact the company as early as possible and state your desire to continue the mortgage with a new repayment plan. Explain that you have a new job now and can afford the monthly payments and are ready to provide full documentation of your new job profile.
Let me know what happens.
Colin
I agree with Colin, lender will agree to set a repayment plan instead of going for a foreclosure. If the real estate market is not good and lender does not expect the house to get sold, repayment plan will be beneficial for both the lender as well as you. Foreclosure is expensive and time consuming thing for lender also and they will try to avoid it if possible.
Hi Ksienko,
Possibly there will not be much of a problem, since you have missed just a single payment and you are currently having a good income source with which you can easily come up with the payments. So, there will possibly be no change in the repayment plan except that you can explain your situation to the lender – why you couldn't make the payment, and what went wrong. The lender will hopefully consider your situation and taking note of the fact that you have secured a job, he will probably allow you to continue the current payment plan.
Hope this helps. If you have any related query, please let me know.
God bless you.
Samantha
Possibly there will not be much of a problem, since you have missed just a single payment and you are currently having a good income source with which you can easily come up with the payments. So, there will possibly be no change in the repayment plan except that you can explain your situation to the lender – why you couldn't make the payment, and what went wrong. The lender will hopefully consider your situation and taking note of the fact that you have secured a job, he will probably allow you to continue the current payment plan.
Hope this helps. If you have any related query, please let me know.
God bless you.
Samantha
Does a new servicer have to honor the previous repayment plan that was done with the previous servicer?
Hi Ann!
Welcome to forums!
It is not mandatory for the new servicer to honor the repayment plan done with the previous servicer. It will the new servicer's discretion whether or not he will accept the previous repayment plan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is not mandatory for the new servicer to honor the repayment plan done with the previous servicer. It will the new servicer's discretion whether or not he will accept the previous repayment plan.
Feel free to ask if you've further queries.
Sussane