HOW DO I GET THE BANK TO AGREE?

It sounds as if your lenders idea of a repayment plan is not a win-win situation for both parties. You still have options. Did your lender have you submit a financial package with a hardship letter? You needed to demonstrate to them with documentation that you can pay $2,500 a month, any more and you will become insolvent.

I recommend speaking to a HUD approved counselor to have them look at your financial situation and get a clearer picture of a reasonable workout plan that can be a win-win for both parties.

In many cases your lender will want to see you cut some of your monthly expenses that they consider as luxury items. For example, if your monthly expenses are $2,500 per month plus the $2,544 mortgage, you may need to reduce the $2,500 down to $2,000 to show you are willing to work with them. This would include cutting premium cable service, possibly eliminating a car payment…ect, ect.

Go to the HOPE NOW Alliance website at the link below for a list for a free counselor in your area. You can also see if your lender is participating in the HOPE NOW Alliance. Your lenders will work with you, but it is your job to show them how.