Posted on: 24th Dec, 2008 10:29 pm
Hi There,
can some one help me. im on an intrest only loan, and im short like $630.00 of my $1,400.00 i am with wells fargo. they are so hard to deal with. can someone tell me what i need to do to get them to lower my payments by that amount? should i just make what i can afford till they contact me? what do i do? im so new to this
can some one help me. im on an intrest only loan, and im short like $630.00 of my $1,400.00 i am with wells fargo. they are so hard to deal with. can someone tell me what i need to do to get them to lower my payments by that amount? should i just make what i can afford till they contact me? what do i do? im so new to this
Hi wonderboy
In my opinion, it's better to inform the lender that you will not be able to pay the full amount. Once you inform the lender, may be the lender will give you some other options to pay the dues. You can speak to the lender about forbearance. Forbearance is a process through which the lender either suspends or reduces your payments depending upon your situation. The lender will also give you a repayment plan through which you will be able to pay off the debts. To know more about forbearance, check out the following link:
http://www.mortgagefit.com/forbearance.html
Merry Christmas!!!
Thanks.
In my opinion, it's better to inform the lender that you will not be able to pay the full amount. Once you inform the lender, may be the lender will give you some other options to pay the dues. You can speak to the lender about forbearance. Forbearance is a process through which the lender either suspends or reduces your payments depending upon your situation. The lender will also give you a repayment plan through which you will be able to pay off the debts. To know more about forbearance, check out the following link:
http://www.mortgagefit.com/forbearance.html
Merry Christmas!!!
Thanks.