Behind on mortgage for 3 months-what to do
Contact your mortgage company again, and ask them if you can do
Contact your mortgage company again, and ask them if you can do a "work out" or if they have a forebearance program that will help you get caught up on the past due amount.
If they are unwilling to work with you, contact your local bank and ask them if they have any resources for area agencies that will help you get caught up or will be able to give you some ideas on how to get your mortgage company to work with you.
Who is your mortgage lender? I'm also delinquent for Dec, Jan,
Who is your mortgage lender? I'm also delinquent for Dec, Jan, & Feb. My lender is Wells Fargo and they give me HUD's number every time I return their call. If you aren't getting that from your lender, it might be a good place to start. Wells is also pushing me to fill out an application for loan modification as well. That doesn't fit well with my personal situation which is a very long story, but it might with yours. Is your lender not asking if you want to try to modify your home loan?
I haven't tried any outside firms, but I have heard commercials for companies that will negotiate a loan modification for you. From the ads, it seems like they can sometimes get principal reductions as well as rate reductions. I'm sure it varies by company and situation though. Might be worth looking into. I might look into this eventually, depending how my situation unfolds.
One other thing of note, is that some mortgage lenders (can't remember which ones), have temporarily stopped foreclosing on homes until the government figures out how they are going to bailout the industry over the next few weeks. That probably affects people who are a little further down the road than you and I are, but something to keep your eye on.
I am with M & I Bank. They said I had to at least get $1400 in
I am with M & I Bank. They said I had to at least get $1400 in before they could look into any other programs. I am guessing that means modifications.
this Obama bailout will probably help you, the rules will be imp
this Obama bailout will probably help you, the rules will be implemented 3/4/09. But it won't help those who aren't in or are in danger of foreclosure though. Of course they don't consider that some of us who ARE paying our mortgages are living on beans and weenies, 1 car, no phone, TV, no new clothes for 4 years etc. Oh well, welcome to Socializm
Quote:I am with M & I Bank. They said I had to at least get $140
Quote:
I am with M & I Bank. They said I had to at least get $1400 in before they could look into any other programs. I am guessing that means modifications. |
Do you have equity in your home? Or does the outstanding loan(s) exceed your guess at the fair market value?
In my situation, I believe that my loans exceed the fair value by $100k to $200k. There's a lot my to my story, but there's no denying that the loans well exceed any value they could get through a sale. This won't necessarily stop a lender from foreclosing, but I think it makes them think twice about it. They'd much rather decrease the rate and maybe write off a little principal, if they can get you paying again so they can call the loan a good asset and remove the reserves agains the loan on their Balance Sheet.
So make sure you are asking them about loan modification. They'll probably ask you a lot of questions, make you fill out an application, and substantiate your income with paystubs and a tax return... But if you think a lower payment will help your situation, it's probably worth asking about.
And no, they don't need a payment before they can consider a loan modification. Play hardball at your own risk, but I believe that is just a ploy to get more money from you.
I guess I really do need to play hardball. I really don't want
I guess I really do need to play hardball. I really don't want to lose my home. I want to make this work. I appreciate all the advice on this site. It is awesome.