Posted on: 14th Aug, 2008 04:58 pm
My husband lost his job and we are struggling to pay our mortgage and are sinking by the day. We are not in Foreclosure but are getting close.
Our mortgage co. (Litton) has absolutely no sympathy and will not work with us except to make our payments higher with a payment plan.
Dah..... if we can't make our current payment, how in the world do they think we can make a higher one??
My question is... if they sell our home at auction for enough to cover the mortgage, would they still sue us?
Can they take our wages?
Our mortgage co. (Litton) has absolutely no sympathy and will not work with us except to make our payments higher with a payment plan.
Dah..... if we can't make our current payment, how in the world do they think we can make a higher one??
My question is... if they sell our home at auction for enough to cover the mortgage, would they still sue us?
Can they take our wages?
Hi sallyhal.
Welcome to the forum. There is no sense for the loan modification if the payments are going to be higher. BTW if you cannot afford the pay property any more then you can sell the property to pay off the lender.
If this is a non-recourse loan then the lender cannot come after you for the deficiency judgment. But if this is a recourse loan then he can come after you for the outstanding balance of the loan amount. So check out your loan documents to find whether it is a recourse loan or non recourse loan? Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. There is no sense for the loan modification if the payments are going to be higher. BTW if you cannot afford the pay property any more then you can sell the property to pay off the lender.
If this is a non-recourse loan then the lender cannot come after you for the deficiency judgment. But if this is a recourse loan then he can come after you for the outstanding balance of the loan amount. So check out your loan documents to find whether it is a recourse loan or non recourse loan? Feel free to ask if you have any further questions.
Best of luck,
Larry