Posted on: 08th Jun, 2010 09:53 am
I am currently using a loan modifcation co to get my high interest payment lowered. i am behind 4 months right now. While in the process can mymortage co foreclose on me? Also if they accept it will they require me to pay what is in the rears.
Hi hankhawk,
If you've applied for a mortgage modification with your lender, then he will not immediately foreclose the property. He will start the foreclosure procedure when he rejects your plea for a loan modification. If your modification is accepted, you will be liable for paying the arrears. However, the arrears will be added to your monthly payments which you'll have to pay over the years after your loan is modified.
Thanks
If you've applied for a mortgage modification with your lender, then he will not immediately foreclose the property. He will start the foreclosure procedure when he rejects your plea for a loan modification. If your modification is accepted, you will be liable for paying the arrears. However, the arrears will be added to your monthly payments which you'll have to pay over the years after your loan is modified.
Thanks