QUESTION
Loan Modification if not possible, what is next?
Asked on Apr 02nd, 2012 on Real Estate - New Jersey
More details to this question:
I''m having a hard time paying my mortgage and every month I''m behind on the payment, but I do end up making the $2,000 per month payment. Now I decided to try loan modification, but I''m worried what will happen later down the road. While I''m in this process of waiting for the answer of approval of loan modification from the bank. The bank is giving me a hard time and always loosing the papers. Is there anything I can do? I have faxed and FDX sent 3 times all the papers requests and they are still saying they need documents? While in the mean time I''m having trouble paying the mortgage. My house is not that big, but since I''m in an area of high property taxes in NJ, I have to pay over $7,000 in taxes. What option do I have.
1 ANSWER
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If you do end up paying the monthly payments, you are supposedly current on your payments, but struggling. If you are late with your payments, you are likely paying a heavy late penalty. The first thing you should do is make every effort to not be late and thus avoid the late penalties.
It sounds as if your lender is not really interested in the refinance if they keep losing your papers. That can drive up the frustration level. Since a lawyer will most likely be required to close the new financing loan anyway, it seems to me that you should seek out a good real estate lawyer and ask him/her to help you navigate the refinance process. That should reduce both the time required for the refinance and the frustration level that you are feeling -- and give you the maximum prospects of having the lender approve the refinancing.
Answered on Apr 08th, 2012 at 10:01 AM