Why don’t mortgage companies modify loans before they are in default?
I lost my income and have been paying my mortgage through my savings which are about to run out. I have a new job I will be starting but not enough to cover my existing payment. I asked my lender to modify my loan to help out otherwise I will go into default, but they said they only help after I have already been late on 2 payments (2 different lenders for my 1st and 2nd mort told me the same thing). Why do they reward people after they are late, forcing them to ruin their credit first? I contacted an attorney and he told me to purposely miss my next 2 payments before he can help me and that everyone is doing this. IS this the only way I can get help, to miss my payments? It seems like responsible people have to get screwed over in order to get help. My file should be in the frontline before I am FORCED to make a late payment, not in the back waiting til I make a late payment first!
Whether looking into government programs, directly to my lender or RE attorneys and modificatio companies, for the past 3 months they all tell me they can’t help unless I startt missing payments, that the longer I wait I’m only wasting my money continuing to make payments bec I can’t get modification help. I am really really angry about this and feel it’s not fair for slackers who purposely are missing their payments to get help. The system is set up to destroy us I am convinced! I guess I’ll start missing my payments too if that’s what I have to do. Maybe i”ll even go into foreclosure and get it over with since they won’t help me and I thought I was being good to make all my payments even though the value is worth half my mortg balance.