Posted on: 17th Dec, 2009 10:21 am
looking over the guidelines for loan modifications, i meet all but the one for 31%. am behind on mortgage, started a side business besides my teaching job to make extra income, pay for college expenses, and keeping up with cost of everything, fuel, utility prices and such, replaced my a/c and furnace in house in the last year. due turn down in the economy my paint business has gone bust which what helped get us through. any suggestions
Hi richardhaas,
Did you contact your lender for a loan modification? If not, then I would suggest you to contact your lender and check out his opinion in this regard. You can even write a hardship letter informing him about your hardship. If the lender is unable to offer you a modification, he may approve you for a forbearance wherein your payments will be suspended for a certain period of time. When your financial situation improves, you can pay off the dues.
Thanks
Did you contact your lender for a loan modification? If not, then I would suggest you to contact your lender and check out his opinion in this regard. You can even write a hardship letter informing him about your hardship. If the lender is unable to offer you a modification, he may approve you for a forbearance wherein your payments will be suspended for a certain period of time. When your financial situation improves, you can pay off the dues.
Thanks