Loan Modification question

[proracer45]

All,

 

I lost my job late last summer and have been on unemployment. Thankfully, I just got another job recently and that is helping big time. The only downside is that I am making half of what I used to make.

 

I applied for a mortgage loan modification back in January, and my mortgage company wouldn't even respond to my phone calls and letters. Well, I have since missed one payment (march 2009) and when I called yesterday(April 7th), they took my call immediately and transfered me to their Loss Mitigation team.

 

So here is my question, they only took my Phone call because I am now late one payment, I have another payment due in April 15th, If I miss it I will be late two payments and my credit score is going to take a hit. I can catch up on the payments, but if I do, I am concerned that they will stop talking to me about a loan modification(I am just looking for a lower interest rate).

 

Should I catch up on the payments now or wait until the loan mod is complete and risk my credit score being damaged?

 

Thanks all,

 

PR45

[ronnieron]

being 30-days late already, they will report, so your credit is already damaged. I say take the 60 day late, and wait a year or so and try a goodwill letter. It also depends on if you need new credit in the near future, or how much you look at saving a month by completing the loan mod. Its not even for sure they will modify if you do fall 2 months behind, but your for sure not getting a mod if you become current. If your current your not a risk for them, so there is no need for them to lose money on modifying your interest or principal.

[proracer45]

Thanks....I agree.

 

PR 45