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Answers (1)
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Gab,
My guess is that the "trial"period payments were much lower than your old payments... meaning those 3 payments did not even cover the old interest. They will be credited but my guess is that you were simply "treading water" on an amortization schedule, so at best it is a wash. If you can't afford the home, seek legal advice as to your options and then make a plan... Walking away early from a home that one is not or can't pay for to start paying a lowered rent elsewhere may or may not be the best financial move. Many foreclosures take years to complete. If that were to be the case, that would allow you to save some money to survive elsewhere. Not advocating anything, but when the MOD is denied... legal action is forthcoming... Legal advice is needed now.... not mortgage... Good luck to you. :)
My guess is that the "trial"period payments were much lower than your old payments... meaning those 3 payments did not even cover the old interest. They will be credited but my guess is that you were simply "treading water" on an amortization schedule, so at best it is a wash. If you can't afford the home, seek legal advice as to your options and then make a plan... Walking away early from a home that one is not or can't pay for to start paying a lowered rent elsewhere may or may not be the best financial move. Many foreclosures take years to complete. If that were to be the case, that would allow you to save some money to survive elsewhere. Not advocating anything, but when the MOD is denied... legal action is forthcoming... Legal advice is needed now.... not mortgage... Good luck to you. :)
Loosing Trial-Modification Payments?
I have a mortgage with Citimortgage and after paying about $470 a month for 3 months during my trial-modification, and after promising after promising for permanent modification, I finally denied permanent modification two weeks ago because my income at the last moment was decided to be inadequate for the future permanent modified payments. Now I have been billed to pay full payments of $800 (regular payment) for those 3 months of trial modifications. They did not mention anything about reducing those 3 trial-modification payments in their bill. Please someone tells me what will happen to those 3 trial-modification payments of $470 each? Why do not deduct them from the regular payments? Will I loose them? The Citimaortgage is as usual vague about this question too!
Thank you,
Gab
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