Loan Modification & Forbearance
My mortgage modification plan ends in four months. What happens next?
I'm in a forbearance w/home modification not sure what will happen next I've made the reduced payments required credit is poor I don't like the home but have to live somewhere I have 30,000 equity in home but if I sell-- afraid I won't be able to buy another with poor credit (missed mortgage payments when sick) I cannot rent b/c I have dogs should i file chapter 13 if they don't work with me on the forbearance? I am thinking they will put the missed payments (3) on the end of the loan? I can't let them take my home when I have $30,000 equity I have poor credit (only from being late on these house pymts when I was sick) so I don't think I can get the $5000 I need to bring this current what should I do please help. The forbearance payment trials are up in April I have no idea what the mortgage co will do next.
Contact the lender and ask it your questions about the terms of your forbearance plan and your mortgage modification.
Unfortunately, you do not mention in our message if you are employed. Also, you do not mention if you have remained current in your mortgage payments while in the modification trial period. If the answer to both of my questions is "yes," then I think your chances of remaining in the house are very good.
However, one concern I have is that you mentioned twice that your credit is poor. I wonder why this is so, and what you can do about it. If your financial rough patch is behind you, then you can start to rebuild your credit score so that you can qualify for a mortgage on a property that better suits your needs. See FICO Score Calculation to better understand your credit score and the steps you can take to improve it.
I hope this information helps you Find. Learn & Save.