What is Mortgages and Foreclosures
This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in ho...
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Living in Michigan, times are extremely hard especially when you depend on a construction worker to help with the mortgage payment!
My mortgage payment is in serious default. I am 5 months behind and owe over $6000. My mortgage company has been somewhat helpful just because they offered me a 3 month forbearance to "catch up". Well I am not able to come up with $6000. I don't know what to do at this point. I have enough money now to make 2 of the 5 payments but my lender keeps giving me the run around about modification. First they told me when I was working overtime (for the past 5 years) that I made too much money. Then I lost all of my overtime ($1000 per month) and they told me I didn't make enough money. Now they are telling me I'm too far behind for a modification. If I pay them this money now, I know I can't come up with the rest (they offered me another 3 month forbearance) and my house would sell for $60,000 less than what I owe. Do I give them this money in hopes that they will work something out with me in the future, or do I keep the money and walk away? This is my first house and I put soooo much sweat equity into it (or so I thought). Does it make financial sense to put my pride aside and walk away? Posted on 10/27/09, 08:10 pm |
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If I were you I would walk away. Most likely you are going to pay them the money and they still won't be able to modify your loan, so you'd basically be throwing away money.
I forced my lenders to start a modification process by stopping making my payments. It took 9 months for them to come up with a modification. It was bogus so I turned it down. Three months later they offered me the "Home Affordable Trial Modification." I was supposed to make a trial payment for three months and then they would give me a permanent modification if I made all the payments on time. I did. After three months they told me to continue making the trial payments because they needed more time. Three more months later they said I didn't qualify and they were going to look into another modification plan. I told them forget it and to just foreclose. That was two months ago and they have not contacted me once since. I'll just stay until they kick me out. 
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