Posted on: 13th Nov, 2009 04:09 pm
I'm divorced an can no longer afford my mortgage payments my DTI is 35%. I was denied a mod and granted a six month workout plan at less than half of my monthly payment. Should I take the workout plan? If I take the plan will I be able to apply for the mod? So confused and tired of this house.
In my opinion, it would be a good option to take up the workout plan. For the time being it would help you in saving some money which you can use later on to clear off the mortgage dues. Though you take up the workout plan, you would be able to apply for a loan modification.
agreed...the plan they've offered you is quite a bit better than what you're facing right now....go for it. if you choose to sell the home later on, you can still do that. this will, at least, save you substantial amounts of money in payments.
