Posted on: 27th Oct, 2010 11:13 am
I need a bail out on my mortgage. Where's the best place to start?
vstackle at yahoo dot com
vstackle at yahoo dot com
Hi vstackl,
If you're facing issues in paying off your mortgage, then you should contact your lender and apply for help. If you want to save the property and continue making payments, then you should contact your lender and apply for a loan modification. If your request is accepted, then the lender will give you a repayment plan with lower interest rates to pay off the mortgage dues.
If you're facing issues in paying off your mortgage, then you should contact your lender and apply for help. If you want to save the property and continue making payments, then you should contact your lender and apply for a loan modification. If your request is accepted, then the lender will give you a repayment plan with lower interest rates to pay off the mortgage dues.
A loan modification is different than a repayment plan. A loan modification is a restructure of your original note meaning possible new interest rate, lower payments and extension of your term. A repayment plan is usually your current mortgage and a little extra to repay what you may owe.