Posted on: 21st Sep, 2009 02:44 pm
Hello!
I have been trying to do a loan modification with Bank of America. My husband abandoned the property about 7 months ago and I am struggling to make the payments on our Townhouse that we own together. I made a decision to stop making my payments now, as Bank of America, my mortgage holder just keeps telling me it is in the process. I told them they need to make me more of a priority, but I have been informed that often times they wont move on this as long as your making payments.
Is this true?
I have been trying to do a loan modification with Bank of America. My husband abandoned the property about 7 months ago and I am struggling to make the payments on our Townhouse that we own together. I made a decision to stop making my payments now, as Bank of America, my mortgage holder just keeps telling me it is in the process. I told them they need to make me more of a priority, but I have been informed that often times they wont move on this as long as your making payments.
Is this true?
Hi anoble,
In order to get a loan modification, it's not necessary to default your mortgage payments. You can apply for a loan modification even if you are on the verge of default. However, you should note that defaulting on your mortgage payments may affect your credit score in a negative way and you would lose some points.
In order to get a loan modification, it's not necessary to default your mortgage payments. You can apply for a loan modification even if you are on the verge of default. However, you should note that defaulting on your mortgage payments may affect your credit score in a negative way and you would lose some points.