[Haunted by Karma]

borrower is not late on their mortgage yet? My attorney told me to start missing my payments otherwise the lender will not modify my loan. Is this the only option I have?

[Jen M]

Talk to the lender first. Do not miss payments until it is absolutely your last option. Ultimately, the bank does not want to foreclose on your house because they will lose money. Talk to them about your current situation. Banks will often allow you to defer your payments up to 6 months if your inability to pay is due to job loss, medical issues, and other situations which can be resolved within a short time period. Depending on your credit, current equity, etc., consider refinancing.

[no_mo_names]

Yes of course. The new Obama's plan tries to help homeowners on the verge of missing payments.Go to your lender's website and there will be a link to how they can help you. It really depends on the lender but overall, they will try to help you.

[Webhoo]

You lender may have a refi scenario that you can use. Forcing a loan modification has its drawbacks. Hopefully your attorney gave you the cons with the pros. It ruins your credit for a year or longer depending on the lender. You might fall through the cracks as one hand of the bank doesnt know what the other is doing and on the day your loan mod goes through you might have someone knocking on your door saying they just bought your house.See if they have an alternative and if not then you have to be persistent every single week to make sure they do what they say (they will be very swamped as time goes on this year and WILL get overwhemled at times) and don't rest till its "done done" not just "done." Good Luck

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[Komaraconsulting]

Hello Karma,

It is unethical for any attorney/mortgage specialist to tell you NOT to pay your monthly mortgage. Personally I think it is a read flag for the attorney or company you hired. On the other hand some lenders will only do loan mods for borrowers who are past due. Other lenders will do it but not give as good of a modification. They might lower the rate but mostly change the term. It also depends on your current financial and hardship that you give them. At the end of the day it comes down to how you express your need on paper. You have to decide whats best for you. If you stay current you may not get the best long term modification but you wont take a hit on your credit or possibly slip into foreclosure. The time table for a modification can be up to 90 days and the lender will do normal collections. You can still go into foreclosure while under review. Then you are really in the hole because you have late credit reporting and you will have to pay foreclosure costs. Its a roll of the dice that I see all the time and it usually ends ugly. Just curious, Has the attorney promised anything to you in regards to your modification?

[cdloanmod]

I think,

You have to Talk to the lender Do not miss payments until it is absolutely your last option. Ultimately, the bank does not want to foreclose on your house because they will lose money. Talk to them about your current situation. Banks will often allow you to defer your payments up to 6 months if your inability to pay is due to job loss, medical issues, and other situations which can be resolved within a short time period. This depends on your credit, current equity, etc., consider refinancing.