Make monthly payment or not

Heaven4soul · Joined: 11 Sep 2008 Posts: 1 1.34 Dollars($)

I am now two mths behinds. I called the lender with a payment. They asked me to fill out a financial record on their website I did. I truly would like to get out of the house. I spoke to a realtor who advised me to stop making payments on the house and do a short sale. I do not want to go into foreclosure. I'm Confused!!! No major anything that would classified me as a hardship case.

jerryldavisjr · Posted: Thu Sep 11, 2008 8:59 pm Post subject: Call your Lender Directly

I strongly do not advise to just give up on making your monthly payments. Contact your lender directly, talk to them to see if they are able to extend the length of your mortgage in effect reducing your payment. Talk to them about some type of loan modification.

If you need additional assistance, feel free to email me @ "jerryldavisjr@comcast.net" or "jdavis@panamlending.com"

[Email address deactivated as per forum rules. Thanks.]

vegas_storms · Joined: 12 Sep 2008 Posts: 50 1.24 Dollars($)

If your financial position shows you can afford the home then the lender is not going to simply let you out of your obligation on a shortsale. Your Realtor's advice is very dangerous and you need to speak to a Real-estate attorney before acting.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

You may have a couple other options. You may be able to rent out the home while the market is not favorable to selling at this time. If the lender will do a loan modification, you just might want to hang in there a little while so that you don't destroy your credit and can buy another home sooner down the road rather than later.

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