i am experiencing financial difficulties, if i make only $1,300.00 of my $1,876.00 mortgage, can and will a ba

Question

expect will be 6 months before i can begin making full mortgage again.

Answer 1

You need to immediately call your mortgage company and work out an arrangement with them. You cannot and should not just start paying a lower amount. Talk to them and do not screw around with this or it's going to affect your credit rating.

Answer 2

I think you may have stretched yourself too thin. Whoever holds your mortgage may foreclose on you since you are unable to make the full payments. I would contact whoever is responsable for your mortgage and explain to them that your monthly income is not going to cover your current mortgage payments. It's possible that you can refinance the mortgage to a lower interest rate.

Answer 3

I would be extremely surprised if any financial institution would take action against you in those circumstances and if they did they would be unlikely to get the support of the court. You best bet would probably be to call and speak to the bank and explain the situation and how soon you expect it to be resolved. They can be remarkable understanding if they know what's going on.

Answer 4

first try to refinance your mortgage, if for any reason you can't - always call your lender and tell them what is your story and I'm pretty sure ,they will work something with you. never ever send them less amount ,then your mortgage payment without talking with them. this can ruin your credit for very long time.

Answer 5

Call the company. Ask them if they can work with you for a few months... maybe they can refinance for you....

I know they seem mean and scary, but they should work with you, most creditors will.

Answer 6

second job ring a bell