re-thinking debt settlement until...

Date: Fri, 02/19/2010 - 11:01

Submitted by luckin10
on Fri, 02/19/2010 - 11:01

Posts: 181 Credits: [Donate]

Total Replies: 4

I am completely panicked about our stupid home loan modification that is supposively "going through" since August with Aurora Loan services. I have posted on this before. They told me the other day that they are required to give us a status update any day. We are really needing this to go through. I am however, worried about defaulting on our cards and then for whatever rhyme or reason they find out and it jeaopardizes them giving us the loan mod. We are trying to do the Obama thing..if that doesn't work then they will try for a traditional mod..I just can't feel comfortable in getting enough info on this that I am wondering if I should hold off..keep our cards current until this goes through. We are dying here and it is really hard to pay these cards and I don't want to take any of the money we have worked so hard to save. PLEASE anyone been in this situation..what did you do..does it matter should I just move fw with the debt settlements? Will the loan mod people care? I don't know what to do...HELP

You obviously need to do something now. I do not think that if

You obviously need to do something now. I do not think that if you default on your cards it will hurt loan mod.. I have heard loan mods are taking forever so you may have no choice but to stop paying on cards. The loan mod people have already crunched your numbers and probably will not even know you are not paying credit cards.

Good Luck

Keep Posting

lrhall41

Submitted by OZZIE69 on Sat, 02/20/2010 - 19:42

( Posts: 555 | Credits: )

I defaulted on 9 cards 160 days ago and wf has me in the modific

I defaulted on 9 cards 160 days ago and wf has me in the modification process now. They may look at your cr and see that you are taking control of your situation. That could be a plus. I told them straight up that I was settling them and it did not disqualify me at all. Good Luck

lrhall41

Submitted by dantheman on Sat, 02/20/2010 - 20:04

( Posts: 860 | Credits: )

They wouldnt see the changes or the payments for the first month

They wouldnt see the changes or the payments for the first month so you would have a 30 day leeway to apply before they could see that you are trying to settle, as long as your rating is clean for now you should be able to apply.

lrhall41

Submitted by StopPayingDebt on Sat, 02/20/2010 - 20:08

( Posts: 10 | Credits: )

hello luckin, this is one thing im not for sure about, like ive

hello luckin,
this is one thing im not for sure about, like ive said this is a gamble, i do know one thing though if you owe debt the home lenders will use this against you. still unsure about if its better to show you owe or to be clean and free? doing a loan mod is a very very new thing to our generation in time.
i know i havent helped much but being honest isnt always what people want to hear

lrhall41

Submitted by on Sat, 02/20/2010 - 22:46

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