Rather than taking the governments approach to problems (spend money) your best bet will be to preserve your capital to the extent possible.(4) Should a California Homeowner Stop Making Mortgage Payments when they are seeking a loan modification?
This is a question we cannot answer for you, and will not advise you on. While the conventional wisdom on the street is that you have to be late in order to obtain a loan modification, this is not always true. Under President Obama’s Making Home Affordable Program (HAMP), a lender may still provide a loan modification and seek financial incentives where a borrower can demonstrate that they are in “imminent threat” of being late on the mortgage. This language suggests that a homeowner does not actually have be late on the loan to obtain a modification. Loan Mod Tip: In fact, our office has obtained loan modifications where borrowers had not yet missed a mortgage payment. Keep this in mind as you seek to preserve your credit. While it will not hurt our case if you are late on your mortgage, whether or not to make your scheduled mortgage payment is a personal decision and should be based upon your overall financial situation and ability to pay.
Related Questions
- Rather than taking the governments approach to problems (spend money) your best bet will be to preserve your capital to the extent possible.(4) Should a California Homeowner Stop Making Mortgage Payments when they are seeking a loan modification?
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