We are current on our payments, but it seems that the Wells Fargo would be more co-operative and give us a better loan modification if we are not current.
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Tags: Co Operative, Current, House, Loan, Loan Payments, Modification, Mortgage, Mortgage Loan Modification, Payments, Should, Trying, Wells Fargo
5 Responses to “While I Am Trying For A Mortgage Loan Modification, Should I Make House Payments?”
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Filled Under: Mortgage Loan Modification
January 11th, 2010 at 2:19 am
It is hard to answer this question as most of our clients are not paying their mortgage and while others are still continuing.
As long you have a hardship you qualify for a loan mod.
If you are working with your bank directly then it is not required for you to pay the mortgage untill they have done your mod, which takes approx 45 to 90 days.
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January 11th, 2010 at 2:30 am
It really depends on your situation however Here are a few points to consider…
1. Ff you have bad credit and low-no income it can be a good idea to stop paying your mortgage payments. It can take months to a year without any action from a lender in a lot of cases. If you don’t make any mortgage payments in almost a year, you could have $10,000+ saved up. that is more than enough to negotiate yourself a fresh start.
2. If you have a good income and stop paying mortgage payments during your loan mod process your lender will not appreciate this or take it lightly. After you submit your financial worksheets they will wonder why you haven’t paid your mortgage payments and you will be less likely to get approved. They feel that if you could have payed your mortgage before, restructuring your payments will not change the situation…
Just my 2 Cents…
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January 11th, 2010 at 2:53 am
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_amandajohnson101@live.com, Please tell him that Pastor Philip CA. USA church Mission Of God Church..
I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
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January 11th, 2010 at 3:37 am
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January 11th, 2010 at 3:38 am
sure go 3 months late and then they will start foreclosure….get involved….read….there are a million websites about this…
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