Posted on: 15th Feb, 2010 06:33 am
I am a single mom, with no child support at the moment. I am a teacher and I'm in grad school and will graduate in May, increasing my salary $5000/year but until then I'm up to my neck with bills. I fell a few months ago and broke my leg, foot, and ankle and had to spend 3 weeks no pay at home. I had no days built up and on top of 3 furlough days in that same pay check, at Christmas time, I can't get caught back up. I'm only 2 payments behind but what is my best route to take?
Welcome ejones,
I would suggest you to write a hardship letter to your lender explaining your financial situation to him and apply for a loan modification. If the lender accepts your request for a modification, you would be able to save the property. Also, it will help you in getting an affordable interest rate to pay off the loan.
I would suggest you to write a hardship letter to your lender explaining your financial situation to him and apply for a loan modification. If the lender accepts your request for a modification, you would be able to save the property. Also, it will help you in getting an affordable interest rate to pay off the loan.