Posted on: 06th Apr, 2009 05:53 pm
i have my first mortgage which is less than my second mortgage. in total i owe a lot to my two banks. to make it worse i have lost my job what are my best options. so far i am not at default of any kind??
Hi Guest,
I would suggest you to inform both the lenders about your job loss. You can apply for forbearance as well with both the lenders. In the process of forbearance, the lender would reduce or suspend you monthly payments for a certain period of time. Once your financial crisis is over, you can start paying off the dues accordingly. However, you should note that after the forbearance period is over, the lender may charge you some extra amount in order to clear off the past dues.
Thanks
I would suggest you to inform both the lenders about your job loss. You can apply for forbearance as well with both the lenders. In the process of forbearance, the lender would reduce or suspend you monthly payments for a certain period of time. Once your financial crisis is over, you can start paying off the dues accordingly. However, you should note that after the forbearance period is over, the lender may charge you some extra amount in order to clear off the past dues.
Thanks
Who is your lender.
Most of the banks will modify the loans based on your hardship.
Most of the banks will modify the loans based on your hardship.