Posted on: 12th May, 2007 08:47 am
I\\\'m behind on my mortgage but don\\\'t want to lose my house and income should be increasing soon, anyone know what I can do in the meantime?
hi thorne,
welcome to mortgagefit discussion board.
contact your mortgage company as early as possible and request them to consider a repayment plan.
there are many options like adding the default amounts to the principal balance or stopping the payments for a few months until your financial situation improves.
these are called as loss mitigation options. read about them from this page: http://www.mortgagefit.com/loss-mitigation.html
after going through this page, if you have any questions then please let me know. i would try to help you out.
thanks
blue
welcome to mortgagefit discussion board.
contact your mortgage company as early as possible and request them to consider a repayment plan.
there are many options like adding the default amounts to the principal balance or stopping the payments for a few months until your financial situation improves.
these are called as loss mitigation options. read about them from this page: http://www.mortgagefit.com/loss-mitigation.html
after going through this page, if you have any questions then please let me know. i would try to help you out.
thanks
blue
As you are expecting your income to increase, chances are lender will agree to accept a mortgage modification or forbearance plan. Don't worry you will not lose your home.
Sean Farley
Sean Farley
As Blue said for you first thing to do will be to contact your lender and tell him about the financial problem you are facing. Lender will then tell you the options by which you would be able to bring your loan current.
Lenders themselves are also not interested in taking away homes. They just want their loan repaid and as you are going to have better income soon, it is highly likely that a repayment plan will be accepted by your lender.
Miller
Lenders themselves are also not interested in taking away homes. They just want their loan repaid and as you are going to have better income soon, it is highly likely that a repayment plan will be accepted by your lender.
Miller
Thanks for the advice. I did not see any of this before now. I was waiting for an email to tell me that I had replies...lol That's what I get I guess. I will try to contact them again. The last time I spoke with them it wasn't with the loss mitigation department. So, maybe something good will come our way. We are just having one heck of a time catching up.
Shaw,
It will be a good option to have a direct talk with the loss mitigation department. try to explain them that you're not the one who's unwilling to pay off the debt, rather you wish to get current on the loans.
Let's keep our fingers crossed and hope for the best to come.
It will be a good option to have a direct talk with the loss mitigation department. try to explain them that you're not the one who's unwilling to pay off the debt, rather you wish to get current on the loans.
Let's keep our fingers crossed and hope for the best to come.
Let us know what they say, so that we can provide you advice on what other steps you should take to avoid any chances of foreclosure on your home.
Though I feel you will not have to face a situation where foreclosure will take place as your income is going to improve and if you can provide the details of it to them they will agree to some kind of loan modification plan.
Colin
Though I feel you will not have to face a situation where foreclosure will take place as your income is going to improve and if you can provide the details of it to them they will agree to some kind of loan modification plan.
Colin