Don’t Deliberately Fall Behind on Your Mortgage to try for a Modification
I sat in my Lehigh Valley office Friday with a person who was advised by an out of state mortgage modification company to stop paying her mortgage in order to qualify for a HAMP modification.
This is stupid.
The purpose of HAMP is to give people who are struggling to keep up with their mortgage a break. It is not to give every person who feels like they should get a better rate a better rate.
HAMP is completely voluntary. Your bank isn’t required to do anything for you.
If you deliberately fall behind on your mortgage and then do not get a modification, you are left with wrecked credit, a mortgage that is severely past due, and a huge payment owed to your mortgage lender rife with late fees and attorney fees… and if you are like this person, Chapter 13 will be your only option to save your home.
If you are struggling with your mortgage payment or other bills and you don’t know where to turn, call me at 484-661-2891 or email me at jim@padebt911.com and we can find a way out, together.
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