Can't afford the monthly payments

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
Hi,

It depends on your circumstances. Often, the only thing you can do is approach your mortgage servicer and ask for help or what is called a loan modification which will lower your interest rate and monthly payment.

Can you share more information?
 

carolinaskies

LoanSafe Member
Jul 19, 2010
31
0
6
Modification was denied. Mr.Cooper threatened Foreclosure naturally. We had to dip into our 401k to come up with $6500 to make sure we don't lose our home of 15 yrs
 

Garry

LoanSafe Member
Aug 7, 2009
3,978
24
38
It has to get worse before it can get better. We haven't even scratched the surface yet.
 

isisis

LoanSafe Member
Jun 22, 2010
1,777
246
63
North bay
You could appeal the modification denial. They're required to consider you for modification under federal law. Consider, of course, is the operative word, they're not required to modify but I'm not sure that they have complete discretion to deny if you meet certain criteria.

I think they need to notify you of the reasons for the denial. That could be what you'd appeal and it might give you a little traction.

Here's a link to the CFPB website that goes into the requirements.

 
  • Like
Reactions: just_me