Will my mortgage lender assist me if I am headed towards foreclosure?
by Mortgage Rates on Sunday, October 17th, 2010 | 4 Comments
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If you can get your lender on the line, tell them exactly what is going on. That may be quite a trick since many mortgages were sold to others and they sold them to others.
It’s too bad you don’t owe billions because then the Bush, McSame, Poulson crowd would be happy to stuff your pockets with untold amounts of money.
depending on where you live there may be some options for you…you may be able to get a deferrment of payment where they will take one or two of your payments and put them on the end of the loan….if you live in any of our newly declared disaster areas then you may be able to request a mortgage moratorium which allows you 90 days to not pay your mortgage (interest still accrues) however in some instances you are still required to catch these payments up once the moratorium is lifted….(stupid i know)…otherwise there may be other options they can offer you …i would try the first option from the get-go
NO! i was in the same situation and was 6months down (scariest timeof my life) my lender was just untrustworthy in my opinion and i did not feel comfortable dealing with them. I found a company who does loan modifications which got me caught up to date with out having to make a payment and out of my Arm and into a fix for 30years, not to mention dropping my interest rate almost 3%. it literally saved my life i am so greatful. email me if you want to know i can give you my agents name/number.
Bobsage62@yahoo.com
I’m sorry to hear about your dilemma. That is a very difficult position to be in.
Yes, by all means talk to you lender. They might be more willing to work with you than you realize.
Because I work for a bank, I can tell you that foreclosing on a home is costly. The reason banks underwrite mortgages so carefully (even though it doesn’t seem like they do nowadays) is because the last thing they want to have to do is foreclose on your home.
They might be able to do a modification to your note. They might be able to lower your rate and / or payment. Investigate all of your options.
Good luck.