Not afford the mortgage?

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I have about $ 23K on the mortgage market and has been paid on time for years until today. Is there a loan modification or a kind of indulgence for 6 to 12 months to obtain a source of income to make mortgage payments on my mortgage company? Of course, I understand that I’m the difference later. Each best advice to keep the house until the mortgage balance at home gelohnt.Das worth $ 75.5KVielen Thanks!

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6 Comments
  1. Reply
    rtfm
    May 17, 2011 at 8:37 am

    Have you actually spoken to anyone at the mortgage company about this?

    Because that would be your first step.

  2. Reply
    Realtoratheart
    May 17, 2011 at 8:45 am

    Beg borrow, but steal the money to keep making your payments. Sell stuff you absolutely don’t need. Do odd jobs to earn money, work any shift. Contact your local city hall to see if there are services to assist you. If you can get free food, that is one less thing to pay for. Don’t use your utilities as much. I watch TV in the dark. And yes do talk with your lender about forbearance. It’s more palatable to them than foreclosure. I wish you all the best.

  3. Reply
    Doctor Deth
    May 17, 2011 at 8:52 am

    any unpaid months will increase that 23k balance, by teh amount of the monthly interest amount , plus late fees – that is the best scenario you can hope for – talk to the lender

  4. Reply
    Arbor Mortgage
    May 17, 2011 at 9:30 am

    First, call your mortgage company and ask to speak to the Loss Mitigation department. That’s the department that handles modifications and forbearances. What you are really looking for right now is a forbearance agreement, not a modification. You want them to take the payments you are behind and tack them on to the end of your loan, and possibly cut you a deal for a few months.

    The one problem you’ll have with this is that those types of agreements only get approved if you can show some way to make a payment, even smaller payments. If you have no income at all, they are not likely to approve any agreement. If you can’t get them to agree to something, then your next step is to consider selling the home. If it’s worth 75k and you only own 23k, then you could walk away with more than $ 40k to help you start over. Get a cheap place to rent while you get back on your feet.

    Or if you want to keep the home another option would be to take on a roommate in your home to help make the payment.

    Best of luck to you!

  5. Reply
    Asia
    May 17, 2011 at 10:10 am

    http://loan-seeker.info/mortgage-loans/ has mortgage requirements, good lenders and mortgage rates, how to get approved for a mortgage, and all other laws and information.

  6. Reply
    Buck-
    May 17, 2011 at 10:31 am

    In 6-12 months the $ 23k will be much higher. Most likely the back will be more than glad to take it back! Wherever you can get it, find some way of making those payments; that’s a lot of money to lose.

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