Posted on: 23rd Feb, 2009 11:51 am
I haven't paid in almost 9 months. I'm a sub-contracter/carpenter that has lost a lot of business due to the economic crisis. I do have some work coming up early March (was supposed to start this week, but I came down with a chest cold/virus). The bank has not foreclosed yet (on two separate properties with two separate lenders). I'm thanking God everyday that I'm not in worse shape than I am. Any suggestions?
Hi Guest,
Generally lenders foreclose the property if you haven't paid your mortgage for 3-4 months. It is quite surprising that your lender has not foreclosed the property yet.
As far as I can understand from your situation, if you apply for a loan modification now, the lender will add up all the past dues. This will increase your monthly payments. If you wish to be current on your payments, you will have to pay the past dues.
Thanks
Generally lenders foreclose the property if you haven't paid your mortgage for 3-4 months. It is quite surprising that your lender has not foreclosed the property yet.
As far as I can understand from your situation, if you apply for a loan modification now, the lender will add up all the past dues. This will increase your monthly payments. If you wish to be current on your payments, you will have to pay the past dues.
Thanks