If you are having trouble paying your mortgage & lender won't help becuz of late pymts where do you go?

Question

We are trying not to go into foreclosure but we have had late payments because the new rate is so high, we've gone into default several times, but borrowed to get out. But now our lender won't help us to refi or lower our interest rate because we have late payments.

What are we to do?

Answer 1

Hi,

I will be honest in answering this. Every situation varies, depending upon no.of late payments and financial situation of the borrower,

With the crisis in the financial market and tightening lending guidelines,it is becoming difficult for borrowers to re-finance.

I have had success in getting the existing loans modified ,specially if they are ARMS ( Adjustable rate Mortgage) and your payment is increased,

You may contact me for a Free Consultation and I will be more than glad to help you.

Answer 2

I heard about this on the news. Mortgage lenders DO have people who can assist you with making adjustments, AND it is extremely hard to find them! Many times the guy you talk to has no idea about the program or who to contact.

So, try this: Google the name of your bank and "mortgage assistance" or other terms, to find out if anyone has the information of who to speak to at the lender. You should not have to pay for this information.

Failing that, call the lender's main number and ask to speak to different departments each time. Surely you'll be able to find them this way.

And yes, I know your name is not Shirley...

Answer 3

I assume you made payment arrangements with them then didn't make the payments. I would consider trying to sell the house. Its better going into forcloser. I've been looking into selling also for similar reasons. I have been thinking about going with www.webuyuglyhouses.com. That's just something I am looking into, I am not referring you there. Good Luck

Answer 4

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!

Answer 5

Foreclose, declare bankruptcy, or talk to a credit counselor.