Posted on: 13th May, 2009 12:58 pm
I'm five months behind my mortgage since Jan 09. I owe about 8k now. I contacted the lender in Feb and explained to them about my situation. They told me to fax over my financial statement and hardship letter, so I did. In March, they called and told me that they would mail out loan modification package in 10. But after 10 days, I didn't received and call them back. Now they told me i'm not qualify for loan modification and suggested to apply for HASP Program. At the same time, they asked me if I have any saving. Since I didn't pay for my mortgage for five months, I have about 4k.
My question is should I use my saving to pay them now or should I wait until they they process loan modification.
Also, What I concern is that if I pay now then I don't have any money left to pay later if they ask for it.
Please let me know what to do
Thank you
My question is should I use my saving to pay them now or should I wait until they they process loan modification.
Also, What I concern is that if I pay now then I don't have any money left to pay later if they ask for it.
Please let me know what to do
Thank you
Did you tell them that you have savings? I hope not....they want it.
If you in financialhardship, best suggestion would be to keep the money until your loan is modified and you are in a good position to make payments. But remember probably when loan modification is done, there is good possibility of all these pending payments will be added to your loan back along with asscoaited interest.
Since you are already five months behind, your credit score has probably gone down by 250- 300. Making a pyment will not help you get that back immediately.
Since you are already five months behind, your credit score has probably gone down by 250- 300. Making a pyment will not help you get that back immediately.
