How does a mortgage forbearance agreement work?

Question

My spouse has the 1st mortgage, which I am not named on, but I am on the 2nd. I can now make the monthly payments for both loans, but I can't catch up the missed payments (3 months; $5,800). The lender wants my spouse to fill out paperwork, but we have been told that they will consider "household" income instead of just his income, which was zero when we fell behind. I am trying to keep the foreclosure off of my credit history, but I am not sure what I can do since I am not on the 1st mortgage.

Answer 1

Write hardship letter to your lender explaining your spouse situation- loss of income, tell them , that right now you are able to make mortgages payments and I'm sure the lender will put you on some repayment plan to catch up on your missing payments. They will ask you for your financial statements and your income tax returns- even you are not on the first mortgage, they will evaluate your ability to repay and remember- they don't want to foreclosure on your house. Everything will be fine.