What should we do..
Posted 18 July 2012 - 07:36 PM
My question is even if we can/could make the payments is it worth it for us to continue to do so on mortgage were we owe sooo much more than the value. We are trying to determine the pros/cons of not making these payments anymore. We have pretty decent credit so i know there would be an impact that etc. but we don;t know what the best option would be. Any help/advice would be greatly appreciated. Thanks sooooo much.
Posted 19 July 2012 - 08:04 AM
Most mortage companies won't go for a mod unless you are behind in payments. We just got approved for a mod, but had to go 90 days late in order to get it. Getting a mod also takes time. For us it took almost a full 7 months from start to finish.
Good luck in what you decide.
Posted 20 July 2012 - 10:11 PM
If you need a modification and can prove hardship (loss of income for your wife and you can't make the payments on your income alone) then apply.
Posted 24 July 2012 - 06:49 AM
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