What Should I Do While Waiting For My Mortgage Modification?
I had a frustrating case come to a frustrating end this week. It was one of those cases that I went back and forth negotiating with the bank to get my client a better deal.
I finally had the deal in hand, 4.85% fixed (down from 11.7 variable) with $3300 down payment.
Now the bad news. My client did not save his money while we worked on the modification. In the four months from when we started the modification until we got the modification offer, my client should have easily been able to save $3300 as he was not paying his $1400 monthly mortgage.
The goal of your mortgage modification is to get a payment that you can afford, but your mortgage company is going to want you to have some skin in the game. Usually the amount they ask for is your late fees and possibly attorney fees.
So now this client has to beg, borrow, and hopefully not steal to get this money to get their mortgage modification done.
The moral of the story is this, during the mortgage modification process, you need to save as much money as you can. You are not making your mortgage payment, so you be able to save at least that. This is not the time to live high on the hog, this is the time to get ready to put a down payment down on your mortgage modification.
This and dozens of other things are not being told to clients by the “mortgage modification companies” and the Johnny Come Lately lawyers, only a mortgage modification attorney knows them.
If you are ready to discuss your particular situation, contact me at 484-661-2891 or jim@padebt911.com to set up your free consultation.
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