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I have two mortgages with the same Bank. I stop paying my mortgage almost a year now. Recently My Bank accepted to do loan modification only to my first loan and sold my second loan to debt collector. they are colling me every day asking me to pay the debt. What can I do

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

Polo, your best bet may be to refinance if possible.

How long have you owned your home? How short are you on your repayments? you may want to look at voluntarily selling your home before it get's foreclosed on. you'll get better money if you sell it privately than through a forced sale.

another option is to try and boost your income so you can actually start paying those debts. Can you rent out a room in your house? have you been to a budgeting service?

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gmakerley · Posted: Tue Sep 29, 2009 9:51 am Post subject:

boy that is laughable...refinance? when no payment has been made for almost a year?

yes...selling the home, renting it out (or a portion of it), boosting income one way or the other (legal, that is)...all good thoughts.

it sounds more to me like polo just wants to avoid the calls. in that event, the calls will cease when the lender begins to get regular payments.

Posted: Tue Sep 29, 2009 12:28 pm Post subject:

gmakerley, sure not making payments will certainly erode the equity at a rapid pace, but we don't know the full situation here - he may have inherited the home or have been paying it off aggressively in the past.

Granted it doesn't seem likely but there may be more options than immediately apparant.

In any case, your last comment is pretty much spot on. the collectors will stop calling when the payments start appearing.

gmakerley · Posted: Tue Sep 29, 2009 1:29 pm Post subject:

it's not even a matter of eroding equity. the point is that he stopped making payments. whether it was inherited or being aggressively paid down earlier has no relevance to what is facing him now. when a loan is almost a year out with no payments being made on it, there's not an intelligent, awake, alive lender in the world willing to offer a refinance.

eric1 · Posted: Tue Sep 29, 2009 1:57 pm Post subject:

Exactly....why would a NEW lender believe this person would suddently wake up, smell the coffee, and make payments?

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