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joselicerio · Joined: 13 Jul 2008 Posts: 1 1.35 Dollars($)

wiil bu wise to call my lender and ask if they can lower may payment due of lost of one income we move frome one state to an other and we left our kids continuing witg the mortgage payments but we lost one income and that put as 1,000. dollars short I am current in my payments but I wont be able to continum this way so I thinking [foreclosures] wht can I do

laphillips

Calling your lender when you realize there will be a problem always is the safest thing. Let them know that you have one income & will not be able to make the payments even though you are current at this point. Ask if there is any way they can help. Be prepared to share all of your financial information with them.

helping_user

Hi Joselicerio,

It's good that you are current on your loan till now. But if you think you won't be able to keep up with the payments as usual, it's better to have a straight talk with the lender. Find out if he can provide you with a different payment plan that is more affordable. You need to explain that you lost your job and that hopefully you'll get something better. At least you need to show him that you're trying to get something better so that you get financially strong enough to carry on with your mortgage and living expenses.

As far as I know, lenders do not offer an alternative until and unless you're 2-3 payments behind, but you never know if it may create a lot of trouble for you. Better to act now and get informed as to what your lender wants you to do in this situation. The lender may send you to Loss Mitigation Department but that's ok.

It's better to get an idea of the loss mitigation options lenders look forward to in this situation. Once you check out the options, it becomes easier for you to decide upon any option and then request the lender to allow for it. However, your lender may have some other option in mind; you can freely discuss on the options the lender may have for you and let the community give you the right suggestion to your problems.

Thanks.

kpatrick · Posted: Tue Jul 15, 2008 6:29 am Post subject:

Hi Jose,

Are your kid's unable to make the payment? You didn't mention if they were minors or adults...if they can make the payment, then great. But if not, you may want to consider leasing it out to tenants. This might be a good temporary solution until you can replace yoour income, or sell the property.

Kim

cliff3 · Posted: Tue Jul 15, 2008 8:30 pm Post subject:

Hi joselicerio and welcome to the forum,

First I would to thank you for sharing this very personal difficulty with us. We are here to do whatever we can to see you through this difficult situation. Fortunately, there is an option for you. It is called a “special forbearance” this is where the lender suspends your mortgage payment for several months due to an unfortunate hardship (i.e. loss of job).

What you need to do is request this option with your lender and be able to explain what your plan is. Your plan should be able to ensure within several months you will be able to make your regular mortgage payment. One suggestion would be to inform your lender you are searching for a part time job so that you can at least make your mortgage payment. Most lenders will extend a special forbearance; however, make sure and speak with a supervisor because typically they are the only ones who can approve this type of help.

Once again we are here to help. Feel free to ask any other questions that you need the answers to.
Very Happy

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