Posted on: 18th Jun, 2009 02:00 pm
step by step ways to do a mortgage deferment.
Hi dabblks,
In mortgage deferment, you do not have to make the monthly payments. But this does not mean the debt has been forgiven. After the deferment period is over, you will have to start making the payments and the interest accrued during this period will have to be paid off.
You will first need to contact your lender and inform them about your financial difficulties. You can even write them hardship letter explaining your situation. They will send you a form to fill out and ask you to provide them with documents to prove that you qualify for a deferment. After you send them the filled out application and the required documents, they will review your application to see if you qualify for a deferment. In the meantime, you need to stay in touch with your lender and keep enquiring about the status of your application at a regular interval.
In mortgage deferment, you do not have to make the monthly payments. But this does not mean the debt has been forgiven. After the deferment period is over, you will have to start making the payments and the interest accrued during this period will have to be paid off.
You will first need to contact your lender and inform them about your financial difficulties. You can even write them hardship letter explaining your situation. They will send you a form to fill out and ask you to provide them with documents to prove that you qualify for a deferment. After you send them the filled out application and the required documents, they will review your application to see if you qualify for a deferment. In the meantime, you need to stay in touch with your lender and keep enquiring about the status of your application at a regular interval.
first we should understand why to go for deferment. Finally it is a cost for individual as intersting during the deferment period keeps on adding.
It is basically a good option for those who are in bad finanical condition & need some time so that they can come out from bad time & start paying the loan
It is basically a good option for those who are in bad finanical condition & need some time so that they can come out from bad time & start paying the loan