Should you pay during quest for Loan Mod? - Loan Modification Forum

Carona · 03-11-2009, 02:35 PM

Is there another thread that thoroughly addresses this question? From what little I've read, the pros for not paying include: 1) Get their attention faster, 2) Save your money. The cons include: 1) Late fees and missed payments included in balance, 2) Bad credit, 3) Some investors will modify only for those who stay current.

So, what's the best approach.....to pay or not to pay?

Thanks!

Moe Bedard · 03-11-2009, 03:46 PM

If you are able to make the payments........you should make them.........

Carona · 03-11-2009, 05:02 PM

Define "able".......I'm able to pay by taking money out of savings and paying minimum on credit cards. This gets back to a bigger question, is it a right or privilege to have savings and no credit card balances? At some point soon, I will be officially unable to pay my mortgage.

Still confused,
Carona

socalhomonr · 03-11-2009, 08:56 PM

You should call your lender mine told me it doesnt really do any good to pay! Which I found absurd but they said they wont apply it if your in foreclosure.

voidy · 03-15-2009, 10:12 AM

Same with my lender BOA, they said they are currently only talking to people who are late (default) on payment. THe OP said i should miss to get priority.

kat10 · 03-15-2009, 12:09 PM

At one point, you had to be 2 months behind for a fixed rate and not behind for a ARM. It is important that if you are not paying your mortgage you put the money YOU CAN AFFORD away each month. That money will be used at some point during the loan mod. to pay for the arrearages. You do what you feel is best, no one can make the decision for you whether or not to pay.

kodybear · 03-15-2009, 09:45 PM

Any info on Wells Fargo Financial? I'm in the same boat, never missed a payment, but need to do a loan mod as I'm currently not paying on cc's totaling over $56K by now.

03-11-2009, 02:35 PM	#1 (permalink)
Carona Member Join Date: Feb 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Should you pay during quest for Loan Mod? Is there another thread that thoroughly addresses this question? From what little I've read, the pros for not paying include: 1) Get their attention faster, 2) Save your money. The cons include: 1) Late fees and missed payments included in balance, 2) Bad credit, 3) Some investors will modify only for those who stay current. So, what's the best approach.....to pay or not to pay? Thanks!

03-11-2009, 03:46 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? If you are able to make the payments........you should make them......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-11-2009, 05:02 PM	#3 (permalink)
Carona Member Join Date: Feb 2009 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? Define "able".......I'm able to pay by taking money out of savings and paying minimum on credit cards. This gets back to a bigger question, is it a right or privilege to have savings and no credit card balances? At some point soon, I will be officially unable to pay my mortgage. Still confused, Carona

03-11-2009, 08:56 PM	#4 (permalink)
socalhomonr Member Join Date: Aug 2008 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? You should call your lender mine told me it doesnt really do any good to pay! Which I found absurd but they said they wont apply it if your in foreclosure.

03-15-2009, 10:12 AM	#5 (permalink)
voidy Member Join Date: Mar 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? Same with my lender BOA, they said they are currently only talking to people who are late (default) on payment. THe OP said i should miss to get priority.

03-15-2009, 12:09 PM	#6 (permalink)
kat10 Senior Member Join Date: Feb 2009 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? At one point, you had to be 2 months behind for a fixed rate and not behind for a ARM. It is important that if you are not paying your mortgage you put the money YOU CAN AFFORD away each month. That money will be used at some point during the loan mod. to pay for the arrearages. You do what you feel is best, no one can make the decision for you whether or not to pay.

03-15-2009, 09:45 PM	#7 (permalink)
kodybear Member Join Date: Mar 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Should you pay during quest for Loan Mod? Any info on Wells Fargo Financial? I'm in the same boat, never missed a payment, but need to do a loan mod as I'm currently not paying on cc's totaling over $56K by now.

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