Posted on: 04th Jun, 2010 07:11 am
i have a mortgage with citimortgage for 212000 and
bank of america for 40000 i have bad credit and loan modification citi gave me is only 100 dollar less than that the current amount 1800. ant they increased the amount to 225000 and said it 5 % still i cant afford that payment plus my second mortgage is 315 dollars i don't want to foreclosure i am unemployed for past 6 months now my unemployment got exhausted i am already late 2 .5 months - 3 months on my mortgage pls help i have bad credit is their any solution
bank of america for 40000 i have bad credit and loan modification citi gave me is only 100 dollar less than that the current amount 1800. ant they increased the amount to 225000 and said it 5 % still i cant afford that payment plus my second mortgage is 315 dollars i don't want to foreclosure i am unemployed for past 6 months now my unemployment got exhausted i am already late 2 .5 months - 3 months on my mortgage pls help i have bad credit is their any solution
Hi maniro,
If you want to save the property, then you will have to contact your lender and re-apply for a loan modification. You will have to convince the lender about the severe financial hardship that you are facing. If he convinced, then he will be able to further modify your loan payments which will make it affordable for you to pay off the dues.
If the lender does not accept your request to modify the payments, then you will have to go for a deed in lieu of foreclosure or short sale and get rid of the property.
Thanks
If you want to save the property, then you will have to contact your lender and re-apply for a loan modification. You will have to convince the lender about the severe financial hardship that you are facing. If he convinced, then he will be able to further modify your loan payments which will make it affordable for you to pay off the dues.
If the lender does not accept your request to modify the payments, then you will have to go for a deed in lieu of foreclosure or short sale and get rid of the property.
Thanks