Posted on: 11th Feb, 2009 04:15 am
I'm currently unemployed and am considering Forbearance initially for 4 months with 0 payments. At the end of the 4 months and I have a job, will my house payment be higher than the original amount - which I don't think I can afford, or will the bank modify the loan so I can afford it?
Thank you,
Cathy
Thank you,
Cathy
Hi Cathy,
The bank payments are likely to be higher since you haven't paid the dues. Even if the lender modifies the loan, he may add the dues to your balance thereby raising your monthly payments. This will in fact make it difficult for you to pay off the mortgage. You can negotiate with the lender for other loan workout options such as short sale, deed in lieu and others.
Take care
The bank payments are likely to be higher since you haven't paid the dues. Even if the lender modifies the loan, he may add the dues to your balance thereby raising your monthly payments. This will in fact make it difficult for you to pay off the mortgage. You can negotiate with the lender for other loan workout options such as short sale, deed in lieu and others.
Take care