Unfortunately, but not surprisingly, we've been receiving more calls from folks who are having a tough time making their mortgage payments. And, of course, these folks are wondering what options they have to try and improve their situation.
At this point, the best way to start is to contact the company that is currently servicing the mortgage. They will be in the best position to modify the current terms, at least temporarily.
However, it's quite common for those who do call to be told that the only way they will be able to receive help is if they are at least 30 days late on their mortgage. We want to strongly encourage you to be very careful about taking this advice. Most of the lenders/servicers will not guarantee that being late will get the borrower over the hump and make them eligible for modification.
In fact, we have a client who was told to allow their mortgage to become 30 days late so that they could receive assistance. Well, they did, and after contacting the lender/servicer to follow up on the assistance, they were informed that they were ineligible for assistance because they made too much money. So, they did not receive assistance, AND, their credit dropped by over 100 points. This of course makes their situation much worse as any other options they may have had, such as a traditional refinance, are now essentially unavailable, at least in the short term.
So again, please be careful when it comes to the advice being received. Do feel free to give us a call and we'd be happy to discuss your situation.
No comments:
Post a Comment