Posted on: 28th Dec, 2008 07:52 am
Can I ask my lender, Countrywide, for forbearance on my mortgage payments temporarily even if I am current and not in default? I have never been late or missed a payment. Will lenders not help you until you are in default and your credit is ruined? Do I have to deliberately not make my house payments for 3 months until someone helps me?
Hi mgrif!
Welcome to forums!
As far as I know, lenders agree for a forbearance only if the borrower has defaulted on the mortgage dues. Moreover lenders will only accept a forbearance if the borrower has lost his/her source of income. The borrower will also have to convince the lender that problem is temporary.
To know more about forbearance, check out the following link:
http://www.mortgagefit.com/forbearance.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, lenders agree for a forbearance only if the borrower has defaulted on the mortgage dues. Moreover lenders will only accept a forbearance if the borrower has lost his/her source of income. The borrower will also have to convince the lender that problem is temporary.
To know more about forbearance, check out the following link:
http://www.mortgagefit.com/forbearance.html
Feel free to ask if you have further queries.
Sussane