extention on mortgage?

Question

i have my mortgage through countrywide can you get a extention and pay the intrest for a month like a car loan

Answer 1

Countrywide let me pay interest only for 3 months back in 2001 when I was ill and my income was effected. If you have a legitimate reason and have good history with them I would think they still do this.

Answer 2

If your Countrywide loan is guaranteed by the government in any way, check out HUD website for ways to keep your home and making payment arrangements before you get into serious danger. Look under the Homes, Owning (left side) of the HUD website.

Answer 3

If you are having a temporary problem such as job loss or unforseen medical expenses some but not all mortgage lenders will make some arrangement to reduce your payments temporarily.

However if this looks like it will be an ongoing problem essentially you have more house than you can afford. You may have to give serious thought to selling your house and moving to a less expensive property that you can afford.

Answer 4

No. With mortgages, you are expected to pay the full monthly payment on time every month. If your mortgage is fairly new, it would not make much difference anyway, since the vast percentage of the payment is comprised of interest, with only a small amount to principal reduction.

Answer 5

Call the lender. Ask. What's the worse you can be told? If you're told "no," you're in no worse position than you are in now.

The rules have changed. Lenders are being more flexible than in the past. The lender may be willing to let you forgo one month's payment, tacking the interest onto the principle. Or you might be allowed to pay 1/11 of the payment along with the next 11 payments. Or you might be told no. But it never hurts to ask.

Answer 6

https://www.naca.com/press/pressRelease20071024.jsp


NACA and COUNTRYWIDE ANNOUNCE A HISTORIC AGREEMENT.