what to tell mortgage company

[sal]

we are not paying dec thru feb mortgage to try for a modification.
My question is, what should we tell mortgage co when they call us looking for payment?
Should we tell them our situation and see if they will work with us now?
Thanks

[justbroke]

we are not paying dec thru feb mortgage to try for a modification.
My question is, what should we tell mortgage co when they call us looking for payment?
Should we tell them our situation and see if they will work with us now?

Stall. Just say you've having trouble making the payment and you don't know exactly when you'll be back on track.

Most won't do a modification until you are minimally 31 days late. Some want you to be 91 days late. YMMV.

[AngelinaCatHub]

I agree with "justbroke" and you will soon be one of many. When all hell breaks loose and if it hasn't it is about to, they will be desperate as they are not in the house owning business. Things seem to be getting a bit tougher. It is to your advantage. 'Hub

[endisnear]

DH just called our mtg co on Tues, just past the 90 mark. They said they'd send out the paperwork, and also advised they'd just sent out a 30 day notice to pay the day before. We never answered our phone since we've been late with them though

[sal]

endisnear, was that paperwork for a modification?
thanks

[Flowers]

Chase will not consider loan modification until there was lateness of 3 or so months.
Then you would get in contact with Loss Mitigation, and the fun begins.
After sending them the info it takes another 60 days.

[willsurvive]

I agree, stall. I'm currently working with a non-profit agency that will present my mortgage company (countrywide) an offer workable with our budget. We are deliquent Dec and who knows for how long thereafter. I don't think the mtg company will think we are serious until we are deliquent, so that is our plan. The website we are using is www.naca.com

Good luck!

[endisnear]

endisnear, was that paperwork for a modification?
thanks

yes for a mod. i don't think that they told him exactly how they were offering them though (rate reduction, longer term, etc.) hopefully it should be in the mail today when i get home from work!

[getmeoutofhere]

note

I paid my last payment on my second mortgage Aug. 1 and my first mortgage, with First Horizon, on Sept. 1. I received a "finance" kit from First Horizon mid December. Sent in same day. Got notice in the mail yesterday that they have my package and it has been assigned to a loan modification specialist. I am not 133 days late on first and 163 late on second. Neither has filed for fc. Second calls from time to time wanting to know if I can pay yet. I tell them know. They want to know if the house is for sale. I say "no" and why would I sell it? I owe more on the first then the house is worth. Sell or no sell, you won't get anything....DOH!

Should know in a week or so if I can get this deal done!

[tjackson0016]

Not true

Chase did a modification for me...took off $1292.00 off my mortgage. I was hit very hard with a high interest rate of 12% from another lender...did not know any better. When Chase purchased my loan, they modified my mortgage within three weeks to a 60 month fix at 4% and after the first five years it will be fix indefinately at 6.25%. I was current with my mortgage...but if they did not modify it, I would have taken a dive.

Terry