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Are borrowers suppose to pay their high monthly mortgage if the are in the process of the HAMP?

  • January 18 2012 - Staten Island
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Answers (3)

If you stop paying your mortgage, that will affect your credit score. It really is up to you if you choose to stop paying while going through HAMP or if you choose to continue.
Some lenders will tell you that they won't help you unless you've fallen behind but that's not quire true. You should still be able to be considered for a mod in a proactive situation. Many simply do a strategic default of falling behind a month or two to get their attention.

At the end of the day, it's your decision how you want to handle it.
  • February 09 2012
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Thit is a question you need to ask the mortgage company that holds your loan, If you have not been assign the trial payments you may want to let then know what are your intent,  I heard people that got behind 12 months and still qualify for hamp program, but as soon as they get the trial payments they had to make them on time or the modification could get cancel, so please contact your lender first.  good Luck! 
  • January 25 2012
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Fail to make the payments and you have to live with the consequences. 

I have seen 2 folks that have had loans modified/short sold their home that have been able to purchase immediately after short sale.  Had they not been current for the 12 months preceding the short sale they would not have been able to obtain financing.

Whatever you choose to do there are consequences to the decision.  Don't let anyone tell you that being delinquent will improve your chances of obtaining a modification.  That is a Myth!
  • January 18 2012
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