Help!!!

[Questions]

I am desperately trying to get a mortgage modification for my first mortgage and also need to get one for my second mortgage. Do I just start paying my mortgages late? I don't want to damage my credit if at all possible but looks like most companies are helping people who are late first. I believe I have too much debt to qualify for a mod with my first so I am working to get a forbearance put in place to help me while I try to lower some of my other debt. Does anyone know how many times you can request a forbearance? Also, do these damage your credit and show as lates? Has anyone had experience getting the lates removed once all of the payments under the forbearance have been made on time? Also, if anyone with lots of debt and no surplus left over has been successful in getting a loan mod, would love to hear what type of things you did to lower the debt.

Thanks so much for any help you all can offer.

[Moe Bedard]

No. The actual forbearance will not affect your credit rating. It is when you are late or are in foreclosure. The loan under the forbearance will be reported as deferred and thus has no negative effects on the credit score. Some people might be confused on whether they should choose the loan modification or the forbearance.

However, it is difficult to obtain one if you are not yet late on your mortgage.

Maybe some other forum members will have some insight for you on your other questions.

Hope that helps you some!

[angel83]

Originally Posted by Moe Bedard

No. The actual forbearance will not affect your credit rating. It is when you are late or are in foreclosure. The loan under the forbearance will be reported as deferred and thus has no negative effects on the credit score. Some people might be confused on whether they should choose the loan modification or the forbearance.

However, it is difficult to obtain one if you are not yet late on your mortgage.

Maybe some other forum members will have some insight for you on your other questions.

Hope that helps you some!

how do you get them to help you while you are still current so we don't have to be late? - Indymac (one west) is the worst.

[Moe Bedard]

It is VERY rare and the only way I have seen is when the borrower is super aggressive and basically bugs them for months or when a lawyer is involved. That is the only times I have seen it. You are not considered a risk, thus most likely will not receive one, especially from Indymac and their new owners.

Sorry to be the bearer of bad news.

[angel83]

Originally Posted by Moe Bedard

It is VERY rare and the only way I have seen is when the borrower is super aggressive and basically bugs them for months or when a lawyer is involved. That is the only times I have seen it. You are not considered a risk, thus most likely will not receive one, especially from Indymac and their new owners.

Sorry to be the bearer of bad news.

Ok wait, let me make sure I understand....I do have a lawyer. The one from this site - I am in So Cal. I had a different one from this site who turned out to be absolutely horrific. Anyway, I am current - due to reset in Oct. We will not be able to afford the payment at that time. You are telling me I will most likely not receive one. What a bunch of crap that is. So I have to be late, jeopardize my credit in order for them to help. That seems so ridiculous. I have thought many times about walking. I am basically paying for a home I will see no equity in for years if EVER. Unreal, I tell you. I am doing them the favor by staying at the current principle. I don't get it.