Posted on: 03rd May, 2010 10:41 am
ok here it is. i'm behind about 8 months on my mortgage and have been trying to modify loan through the bank for several months now. was on a foreberance plan fo six months that ended dec 2009 and the mortgage company still had not finished processing my modification request. then this past march i received a foreclosure notice. that was put on hold by mortgage company, while another modification process was started. i have tried to make payments for the past 3 to 4 months, but the mortgage company will not accept payments while in foreclosure status and waiting on decision of modification. can anyone direct me on how to save my home and/or direct me where to turn for assistnace for some kind of financial help or refinance even though behind on payments?
Hi donnecotlone,
As you are delinquent on your mortgage payments, you won't be able to refinance the loan. As you've applied for a loan modification, you should contact your lender and ask them to speed up the process so that you are able to save the property. Proper negotiation with the lender will help you in getting the loan modified.
Take care.
As you are delinquent on your mortgage payments, you won't be able to refinance the loan. As you've applied for a loan modification, you should contact your lender and ask them to speed up the process so that you are able to save the property. Proper negotiation with the lender will help you in getting the loan modified.
Take care.
Thanks for the info, as I have just learned that you are absolutely correct. However, what is consedered "proper negotiation with the lender?" I have tried repeatedly to make payments and inquire about the modification process and I get different representatives giving me the same song and dance each and every time; (It's still being processed Sir, just be a little more patient.") I've been patient for nearly 10 months now.
In order to negotiate with your lender properly, you should inform him about your financial situation. You should contact them frequently and request them to give updates regarding the mortgage modification. You can even contact them and request them to accept your payments.