Posted on: 05th May, 2009 01:38 pm
I was 2 payments behind on my mortgage, and was about to go to 3 payments behind, but i talked to customer service, and they said i should try not to fall 3 payments behind, due to possibly going into foreclosure, and or the acceleration of mortgage clause. I paid a full payment on April 30th, so i am 2 payments behind, while going through the loan modification process with citimortgage. I neede the cash, but made the payment anyway. My question is: Should i pay a payment this month to stay 2 payments behind, or could i keep the cash and wait for the loan modification approval, which should be at the end of the month. For whatever reason they do not approve me, what other options would i have. Partial claim etc...
hi hornokjeff!
welcome to forums!
if you have provided them with all the required documents and explained your situation clearly, your loan modification request will be accepted. if your loan modification is not accepted, then your can apply for a short sale or a deed in lieu of foreclosure to sell off the property. however, unlike loan modification, short sale and deed in lieu will lower your credit scores.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you have provided them with all the required documents and explained your situation clearly, your loan modification request will be accepted. if your loan modification is not accepted, then your can apply for a short sale or a deed in lieu of foreclosure to sell off the property. however, unlike loan modification, short sale and deed in lieu will lower your credit scores.
feel free to ask if you have further queries.
sussane
Thank you for the info, but do you or anyone have an answer to part 2 of my question, about paying the next payment
Hi hornokjeff,
As you have already applied for the loan modification, you can skip the dues for this month. However, you can also call up the customer care department of your lender and get their opinion in this regard.
Thanks
As you have already applied for the loan modification, you can skip the dues for this month. However, you can also call up the customer care department of your lender and get their opinion in this regard.
Thanks