Upside Down Mortgage

Posts Tagged ‘delinquent’

If you sell your home for enough money to pay back the principal balance on your mortgage, do you still owe the payments you are delinquent with at the closing?

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Mortgage Loss Mitigation Companies

Question: I am behind on my mortgage. My house is worth more than 2.5 times what i bought it for but my credit is bad.?

I have been behind for awhile. I was given a payment plan that I was paying until my x left & took all the bill money + my tax return because I wouldnt add him as part owner. So I asked the mortgage company if there is anything else I can do. Got 1 call back and have been calling for a week now and only get a answering machine. The late fees are growing- $200.00 per month and they sent back my payment because loss mitigation has my file.I have bad credit . one company said they could get me an equity loan but not for less than $20,000, and they get to keep $5,000. I have a good job and can make my payments the way they were before I got behind. Of course the x says sign the paper & it will all go away. Should I take the $20,000?

Answer: Don't give Marty, the Premier Loan Shark any information. he is running a scam. Yahoo keeps booting him, but he just signed up again.

It looks like you have already contact a company like Premier, just out to take advantage of your situation, and actually making t worse for you.

I am not sure what your ex needs to sign, but if he won't do it the judge in the court system can actually sign in the divorce. (this is not that uncommon)

Do not take the money, you are being scammed. Real loan officers receive a very high (over 5%) commission for your loan, they need nothing from you.

You need to contact your mortgage companies attorney, "loss mitigation" and make other arrangements. You have a couple of workable options. Ask them to waive the late fees if you make good on your debt. Offer to have them garish their payment from your check, this will assure them that you will pay the bill.

You could sell the house. Since it is worth far more then you owe you should not have a problem.

You could also rent it out and move in with relatives until you get your life straightened out. Again, as you don't owe very much you can rent it for the full mortgage payment or higher. This will give you time to get the rest of your life straightened out.

Good luck with this!

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