Should I go late on my mortgage?
Why you shouldn’t go late if you don’t have to…
As a Real estate industry veteran i receive a lot of calls from friends, family and clients asking me what to do about there mortgage. I here, this attorney told me that if I’m late…I can get a mortgage modification….SHAME ON YOU ATTORNEY.
That is the furthest thing from the truth not to mention there is no guarantee your bank will modify you mortgage. First of all, part of one of Obama mortgage plans is to help home owners who are CURRENT on the mortgage yet fallen on hard times due to an overall weakening economy.
So you don’t need to be late in order to receive a loan modification.
Here’s the reason I think you shouldn’t go late if you don’t have to…
In today’s mortgage market place it is very difficult to get a mortgage, so find value in the fact that you have one. Ask your self if you want to rent the rest of your life or try?????
Even if your mortgage is slightly underwater pay it if you could, because once you stop paying you are not getting a conventional mortgage for a really long time. People are so caught up in what the heard is doing they forget to evaluate there own personal situations and just want to do what every one else is. Everyone is may not be in your situation or they didn’t deserve a house in the first place…If you feel you deserve a house PAY YOUR MORTGAGE.
If you can’t pay your mortgage, try a short Refinance before you go late. A short refinance basically allows you to negotiate your current refinance due to unfortunate circumstances and refinance into a new FHA loan with a lower payment.