Posted on: 13th Dec, 2012 10:11 pm
My mortgage payment has doubled and I have been paying it on time for over a year since it went up. I am now at the point where I have depleted savings and in recent future won’t be able to make payments. If I pay only a portion of the payment, how is this viewed by the bank? Is it just considered a late payment and how damaging is that to my credit? The other option is a short sale or eventually foreclosure but I don't want to do that so I figure short paying each month is the better option for me at this point. My lender has already denied me loan modification.
Hi Creppy,
If you pay short every month, the lender will report it as a negative item in your credit report. He will either ask you to pay off the late payments altogether or can simply start off with the foreclosure process.
Thanks
If you pay short every month, the lender will report it as a negative item in your credit report. He will either ask you to pay off the late payments altogether or can simply start off with the foreclosure process.
Thanks
have you looked into whether you can do a same servicer refinance or get a new loan under the harp program?
Creppy;
If you make short payments, your bank will consider them non payments a report you late. Have you tried to refinance?
Dmitriy Bleynis
[Promotional content deleted as per forum rules. Thanks.]
If you make short payments, your bank will consider them non payments a report you late. Have you tried to refinance?
Dmitriy Bleynis
[Promotional content deleted as per forum rules. Thanks.]