Posted on: 10th Jun, 2009 03:53 pm
stop paying mortgage payments to force their mortgage company to review their loan and adjust their payment? I'm just asking because we went through four grueling months of having our mortgage "evaluated" but since we have not had a problem making our payments, nothing happened.
Hi MelanieOles!
Welcome to forums!
Lenders review your loan or grant you a loan modification depending upon your financial situation. If you can prove that you are in a financial crisis and thus, you are unable to pay the mortgage dues, the lender will easily accept your request. If you deliberately stop paying the dues and then cannot prove that you have financial crisis, the lender may not accept your request.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Lenders review your loan or grant you a loan modification depending upon your financial situation. If you can prove that you are in a financial crisis and thus, you are unable to pay the mortgage dues, the lender will easily accept your request. If you deliberately stop paying the dues and then cannot prove that you have financial crisis, the lender may not accept your request.
Feel free to ask if you have further queries.
Sussane
MelanieOles
Welcoem to the forum.
I knwo where you are comign from. I think probably you got the idea from the lender only when you call them for loan modification. You are really luckly that they even looked at yoru loan and came back and said you do nto qulify.
But to answer your question, probably you cna try it but you need to know that it will have a negative imapct on your credit report and csore and after all that you do nto have any gurantee that yoru loan will be modified.
One of the safe option is to see if you cna do a short sale and ask your lender agrees for that.
Good luck and feel free to ask
Welcoem to the forum.
I knwo where you are comign from. I think probably you got the idea from the lender only when you call them for loan modification. You are really luckly that they even looked at yoru loan and came back and said you do nto qulify.
But to answer your question, probably you cna try it but you need to know that it will have a negative imapct on your credit report and csore and after all that you do nto have any gurantee that yoru loan will be modified.
One of the safe option is to see if you cna do a short sale and ask your lender agrees for that.
Good luck and feel free to ask