Good Karma For All Who Help Me :)

HMPowers

LoanSafe Member
#1
Hi Everyone!

We got a call earlier saying if we didn't pay one payment "soon", they would be sending a demand letter asking for 1/2 what is owed to be paid within 30 days. She said they will "probably mail it around May 5th". Here are my questions/facts:

Missed payments for Mar 1, Apr 1, May 1.
Planned to pay one payment on May 17 (with paycheck plus relative's help)

IF they send this "demand letter" that demands half paid within 30 days..half of what?? Does that mean half of the 3 months (Mar, Apr, May) or does that mean half of the 4 months (Mar, Apr, May, June) since the "due date" for the demand letter would be June 5th since they would give you 30 days from the date of the letter?

AND finally - what happens if I get the demand letter, pay half of what I owe before June 5th. When is my next payment due & how much is it for?

I'm trying desperately to kick this can down the road until either my hubby's new job starts (mid July) or until we get a loan mod (turned down cause they didn't have the paperwork for his new job - even though I sent it with the whole package )

Thanks New BFFs!!
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello,

Sorry for the late reply here. I'm currently in the process of moving and am looking for a home which ir proving more difficult than I imagined. Looks like we are heading into another real estate bubble- just FYI.

I'm not sure what they mean by a demand letter to pay half. After 90 days late payments you are technically in default and the only way to cure the loan would be to pay all back payments. To be honest I think they are bluffing you just to get "some" money from you. Please keep in mind that they are debt collectors and will lie if needed be to collect a debt.

I think you have plenty of time to kick this down the road until July or August. The big question is will they give you a loan modification or not because even when you have the income to pay the mortgage, they still may deny you regardless.

In any event, you need to play the loan mod game and let them know that is what you want. Maybe just tell them your husband will start his new job any day soon and let them know you want a loan modification.