Mr Doug Atch
For all your non-traditional sale & purchase needs
* vender finance
* investor services
* Joint Ventures
* RTO Homes
* WRAP Homes
| Mortgage Company Won't Accept a Dime till Current? |
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What do you do when your mortgage company won't accept a single dime until you are current?.
When you don't have the money to get current.
The lender is a big, common one that may be your lender for all I know.
Lenders generally sell off the loans that they make. So before they agree to work anything out, they must get the permission of the "noteholder", the entity who really owns your loan.
Most loans have provisions in it that legally make it tough for the lender to accept any money except the total amount you need to become current.
So they will pile up the costs:
principal payments you've missed
interest on that
late charges
foreclosure fees
inspection fees
legal fees
trustee fees
The list goes on and on.
And once you are more than x days late, they demand the whole enchilada when you can't even come up with the rice and beans!
The way around this is a workout agreement. Before you make a workout agreement, your lender wants to see that you are able to financially afford to keep making the monthly payments and in addition that you can pay part of the past amounts, called the arrears.
Most lenders will ask you to submit detailed financial information and a "hardship letter" to make your case.
This isn't that hard to prepare but there are pitfalls. It helps a great deal to know what you are doing before you approach your lender. For useful information see Bad-credit problems.
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