I recently had my job eliminated due to restructuring can I defer my mortgage payments?

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I recently had my job eliminated due to restructuring and would like to have my mortgage payments placed on hold like a loan deferment. I talked to a rep for my mortgage company Litton loan , and basically she told me to seek public assistance for help. I don’t want public assistance!!! I just want to hold off payments until I find a new job which I figure max would be 6 months. Why can’t the just modify my loan and add my 3-6 months payments to the end on my mortgage rather than have me go through the hassle of missing a payment and possible foreclosure. Seems donkey backwards if you know what I mean

  1. Reply
    January 26, 2011 at 4:39 am

    Do you have insurance on your loan? In other words did you opt to pay for the payment protection insurance? If you did than you can actually take advantage of it. If you did not get the insurance than the lender has not obligation to help you out. Especially if you have lots of equity in your house. They may want you to go into foreclosure so they can take your house.

  2. Reply
    January 26, 2011 at 4:53 am

    Talk to somebody else. Many companies will do this as one of the resorts short of foreclousure.

    Its called a forebearance, they will reduce or set aside those payments and add it to the back of the loan. Clearly they dont want to do this and they want you to figure it out. But they dont want to foreclose either.

    Assuming you have been good at paying your payments on time in the past that will help you. If they truly believe you are going to start paying the mortgage again you can probably get a forebearance. If they think you are just trying to delay foreclouser they wont do it.

    Give them lots of evidence showing why you were laid off, how well you paid your payments etc. When you call ask for the forebearance dept. They might say we dont have one, say they I need to talk to somebody that arranges them. Dont talk to the person making minimum wage in India.

    You have to do this before your first late. Good luck and Im sorry about your job. Litton is a big company keep calling until you get somebody to help, but have everything ready to send them so they can see you were actually laid off.

    PS. If banks have actually made up a name for this *forebearance* they do it, find out who does it for them.

  3. Reply
    robert w
    January 26, 2011 at 5:00 am

    sorry about ur situation B.U.T. (behold underling truth) the banks do not give a p##p about anything but ur payment.
    suggest u Gulp down any pride u may have and get any job that pays. turn off Idol Gods (TV , Computer) deliever papers pizza work any where they pay. hit the pavement and hussle to sell ur self to get a new job. reinvent ur self if u got to. sell junk (kids not included) have spouse go to work 2 jobs. cancel cable . get out of any loans fast.
    u get six month behind on the house u better have a nice car to live in.
    visit daveramsey.com to learn about money and banks b4 u get homeless.

  4. Reply
    alan k
    January 26, 2011 at 5:33 am

    If I were you I would try to do a FHA refinance and consolidate both loans into one. The current interest rates are pretty low. The payments should be lower and you’ll pay lower interest overall. What’s the total of the balances on the two loans?

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