Posted on: 21st Dec, 2009 03:16 pm
I have had a loan with Nation point for 3 years. I havenever been late, although I have used my grace period and last month went one day over. I receive atleast 2 calls a day from Nation Point/Loan services. There are a couple of operators that are human , the rest, not sure what stone they live under. I am unemployed and my wife is disabled with Parkinsons. I have asked for a loan modification,several times. I have faxed 22 pages of documents 4 times no response. Unless Im behind ,I was told nothing can be done by some then others tell me I am a good candidate.
I could walk away from the home as I am upside down 70,000.00. Am I crazy for thinking there could be help for me? I have no debt other than my mortgage and have struggled over the years to get that way. Any thoughts?
I could walk away from the home as I am upside down 70,000.00. Am I crazy for thinking there could be help for me? I have no debt other than my mortgage and have struggled over the years to get that way. Any thoughts?
Hi Pawley,
You have mentioned that at present you are unemployed. This can be a major reason why your lender is not ready to accept your loan modification request. The lender will judge your financial situation and modify your loan. As you're unemployed, the lender will think that you won't be able to pay off the dues though your loan is modified.
You may walkaway from the property but that would lead to foreclosure and you would become responsible for the deficient amount. In my opinion, if you want to get rid of the property, you should try out for a deed in lieu of foreclosure.
Thanks
You have mentioned that at present you are unemployed. This can be a major reason why your lender is not ready to accept your loan modification request. The lender will judge your financial situation and modify your loan. As you're unemployed, the lender will think that you won't be able to pay off the dues though your loan is modified.
You may walkaway from the property but that would lead to foreclosure and you would become responsible for the deficient amount. In my opinion, if you want to get rid of the property, you should try out for a deed in lieu of foreclosure.
Thanks
i agree - modification wouldn't do much good for someone who is not employed. further, it seems like you're not the most difficult of cases that they encounter - not late enough, as it were. sorry to say, but you need to be a basket case, practically, to get attention; there are so many ahead of you.
walking away is a last gasp, desperate act. i hope you don't have to resort to that, and hope you'll put that out of your mind.
walking away is a last gasp, desperate act. i hope you don't have to resort to that, and hope you'll put that out of your mind.
I agree with gmakerley. What I can suggest is try to talk to a mortgage companies who can give you good advices on how to deal with it.
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