Posted on: 15th Feb, 2009 03:50 pm
I'm about 5 months behind on my mortgage payments and just received a letter from an Attorney stating that my mortgage company is accelerating the entire balance of 99,908.13 plus attorney fees etc. I plan on contacting Consumer Credit Counseling tomorrow and my Mortgage Lender, Nationstar, to see what we can work out. What advice do you have and what do you think my chances are? I'll have my income tax refund by the end of the moth and will have enough money to pay them and become current on my loan.
Ask yourself this question....
Can you make your payments even after you give them your tax refund? If you cant make your payments, what is your plan? If the tax refund simply prolongs the inevitable, then you may see a foreclosure anyway.
Can you make your payments even after you give them your tax refund? If you cant make your payments, what is your plan? If the tax refund simply prolongs the inevitable, then you may see a foreclosure anyway.
Hi birdogblues,
As Eric has said, you will have to first decide whether you can afford the payments later on once you are current on your loan payments. If you cannot afford to pay them later on, then I don't think it will be a good option to pay the dues now. Rather you can check out if the lender accepts a short sale or a deed in lieu in your case.
Thanks
As Eric has said, you will have to first decide whether you can afford the payments later on once you are current on your loan payments. If you cannot afford to pay them later on, then I don't think it will be a good option to pay the dues now. Rather you can check out if the lender accepts a short sale or a deed in lieu in your case.
Thanks
I will be able to make the payments. I had some medical problems that are sorted out now & I'm back on track.
it seems, guest, that you may be able to redeem the property. by all means, contact your lender immediately so you can make all necessary arrangements.
