Posted on: 19th Aug, 2009 09:03 pm
I have recently suffered a pay cut as my employers have reduced my working hours. And because of this I am worried about my mortgage payment. Please help me to protect the mortgage as my job is in jeopardy
hi morgan,
i do understand how you must be feeling after having suffered a pay cut. but believe me, there are many a people in your situation in this economy and many of them have been able to save their homes.
what you can do now is, to try and get in touch with the loss mitigation department of your mortgage company and check out if you qualify for a loan modification. in a modification, the lender usually reduces your monthly payments by either dropping the interest rate or extending the term of the loan. i think you should also write them a hardship letter stating the problems you have been facing due to the pay cut and how you think the modification will help you stay current on the mortgage.
i do understand how you must be feeling after having suffered a pay cut. but believe me, there are many a people in your situation in this economy and many of them have been able to save their homes.
what you can do now is, to try and get in touch with the loss mitigation department of your mortgage company and check out if you qualify for a loan modification. in a modification, the lender usually reduces your monthly payments by either dropping the interest rate or extending the term of the loan. i think you should also write them a hardship letter stating the problems you have been facing due to the pay cut and how you think the modification will help you stay current on the mortgage.
morgan
Most of te guys (and girls too) think that the epidemic is worse with them only but in reality everyone faces that experience in their own life at some point of time. Here all the americans are facing big trouble to pay their mortgage, but if you act little diligently and work out how you can save some money and the ways to earn some extra dollars,you will be saved.
I think you should immediately eek the help from your lender about loan modification, even obama government's new scheme can also suit you . Make sure you are eligible for this kind of programme.
One thing is for very sure if you keep trying and convey the message to your lender that you are a genuine customer n currently facing turmoil due to economy ,they will be easily available for the work and help you required.
Most of te guys (and girls too) think that the epidemic is worse with them only but in reality everyone faces that experience in their own life at some point of time. Here all the americans are facing big trouble to pay their mortgage, but if you act little diligently and work out how you can save some money and the ways to earn some extra dollars,you will be saved.
I think you should immediately eek the help from your lender about loan modification, even obama government's new scheme can also suit you . Make sure you are eligible for this kind of programme.
One thing is for very sure if you keep trying and convey the message to your lender that you are a genuine customer n currently facing turmoil due to economy ,they will be easily available for the work and help you required.
conveying your hardship is the most imprtant step here. do not loose credit on missed payments. there are so many options put by the banks. if your roblem is temporary and for a known time, the banks may ask you to pay with lower repayment for 6 months without loss of credit. if the problem still continues, then you have to file refinancing. or oherwise, you can apply for refinance schemes as mentioned above.