Posted on: 15th Feb, 2011 04:57 pm
I'm on a repayment plan and have noticed that if I'm short on cash due to an unexpected financial expense (car repair, etc) and cannot make the next payment on time, my mortgage co. tells me to just not pay, allowing the plan to be in default, at which point they can then create a brand new repayment plan for me.
How many times will a mortgage company do that before they say enough is enough and demand payment in full?
How many times will a mortgage company do that before they say enough is enough and demand payment in full?
Hi Guest,
It will be solely the discretion of the mortgage company as to how many times they can offer you a new repayment plan.
Thanks
It will be solely the discretion of the mortgage company as to how many times they can offer you a new repayment plan.
Thanks
And I think that the real answer to the question is "not too many times at all."
If it is a lender like GMAC they "seem" to have endless repayment options, they only problem every time you break a plan it is another strike against you. It is only a matter of time before they say "no more", it may be hard to face but you may not be able to afford the home. Have you tried for a loan modification?
I thought that was where the question was coming from to begin with, Kym.