Posted on: 20th Feb, 2009 11:11 am
6 months ago, I have had my salary reduced as a temporary solution to a slowing in business. I have been subsidizing my lack of income from my on hand assets in order to keep current with my mortgage. However, i am out of security money and need to contact my lender as I will eventually become late. My question is should I wait until March 4th to start with the bank? My situation both from an income and property LTV point of view seems to identify with Obama's plan just announced. I am concerned that if I call too soon, the plan's detail won't be available and the bank won't approve it. Also, if I wait too long, I may be one of thousands looking to do the same.
I guess you should wait for some time and then start speaking to your lender. That will be a better option rather than talking to the lender immediately. But if you can afford to lose the property, then you can speak to the lender about short sale or a deed in lieu.