Does anyone know if a forbearance on my student loan is my ability to achieve an effect mortgage?

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My wife and I both lost our jobs the same day. I’m trying to get through school, starting a new job, but have not been keeping up our mortgage. Our loan is through hunting and I must return all required documents are folded to a forbearance or loan modification. I get a runaway, even though we were told we were in the modification program have now we are heading into foreclosure, because they say we never sent documents. I have all sent by post and fax 3 times today and now they are request again later. Is this normal? Should I help a lawyer? I want to keep our house, and I’m just trying a temporary indulgence, while I’m at school. Thank you for any advice.

8 Comments
  1. Reply
    Patti Ja
    January 26, 2011 at 3:58 am

    no but be careful…they did not give me my full deferment and it has cost me a credit rating

  2. Reply
    mandy k
    January 26, 2011 at 4:40 am

    nope it wont.. i used to be a mortgage broker!!! any more questions let me know!!

  3. Reply
    Casey M
    January 26, 2011 at 5:02 am

    Are you talking about getting a mortgage now, or if it will affect your future ability to get one? Because if you’re taking a forbearance now you shouldn’t be shopping around for mortgages. But no, it will not affect being able to get a mortgage. On your credit report, it will say the date you have to start repayment, not that you’re taking a forbearance or for what reason.

  4. Reply
    kyle
    January 26, 2011 at 5:29 am

    a lawyer prolly won’t be able to help much. You signed up for a mortgage and this meant that you agreed to pay according to the terms. Because you want to go to school and can’t afford to pay doesn’t not make them bad and they do not have to lose money and accept that you don’t want to pay for a while. Get a couple part time jobs and start getting this house back on solid ground. Many many people have signed up for these loan modification things and very few have actually been approved especially permanently. Most of that programs seems to have been political judging by the success rates. If you are behind and can climb back I would recommend getting your house up for sale yesterday and prepare to short sale if neccessary. good luck

  5. Reply
    Debdeb
    January 26, 2011 at 5:54 am

    A lawyer probably won’t help. Send the stuff by FedEx and get a signature returned to you. These things take forever, and there’s no guarantee you’ll get it anyway. Just keep trying.

  6. Reply
    Landlord
    January 26, 2011 at 5:54 am

    You are not getting a modification. You may as well accept that fact.

    WIth zero income there is no way a modification would help you avoid foreclosure, you can’t pay a modified loan any easier then you can pay the present one.

    A forbearance only lasts up to 4 months, and is for emergencies situations, not that you just up and decided one day that you no longer wanted to work.

    You can not both refuse to repay your loan and keep the house.

  7. Reply
    Wolffsden
    January 26, 2011 at 6:10 am

    Ok, YES a lawyer will help you tremendously, it will just cost you a bunch of money it sounds like you dont have. They can tie up things for at least a year or more, know from experience.
    Everybody who is asking for a loan lodification is experiencing the same thing. Its not special to you alone. There are millions in the same position so keep sending, keep calling and document the whole process. Its the only option or leave the house and walk or file bankruptcy and start over, its just a house. No reason to fret over it.

    And who cares if you signed a contract, businesses break contracts daily and file bankruptcy to gain government bailouts for their failures so why is the individual home owner held to a higher standard. Research Donald Trump………

  8. Reply
    Paul
    January 26, 2011 at 6:12 am

    If you are getting the runaround from the bank (which is normal), you might want to consider a forensic audit of your loan process.

    Lenders have many requirements that they are supposed to follow when making a loan and in the last few years have not fulfilled their requirements.

    Nearly all loans that were – ARM’s, Stated Income, Investor, No Doc, had a prepayment penalty, were made to someone speaking a foreign language – were made out of compliance. The audit will show what the lender has done in violation of the lending requirements.

    You use their violations to give yourself a position of strength in dealing with them, instead of being under their thumb begging for help.

    People can use this information to force a lender to reduce the principal amount, interest rate, the payment, or to complete a short sale.

    Good luck!

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