Re: Work out agreement ?s

Posted by Jim V on April 29, 2005 at 18:52:10:

In Reply to: Work out agreement ?s posted by Lesa on April 28, 2005 at 21:41:11:

Lesa,

Point A. - If your forbearance period was shorter, the monthly payment would be larger, and you did state it's breaking you already.
Point B. - An open foreclosure action will remain open until the forbearance is successfully completed.
If it's at all possible, complete the forbearance, then look at refinancing after the first of the year. Retain all agreements you have with your current lender and submit copies of those agreements with your refinancing package so a new potential lender can see that you have, in fact, been making on-time payments for the last year and the lates are just due to the way credit is reported.

: I have a work out/forbearance agreement with my lender. The amount due is breaking me, but I am hanging in there. Talked to someone today about possibly refinancing. Guy told me that a. my forbearance agreement is way too long (through end of this year) and b. my credit shows and will continue to show late mortgage payment until forbearance is completely done (Dec 2005). Is this normal?

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Comments:
: Lesa,

: Point A. - If your forbearance period was shorter, the monthly payment would be larger, and you did state it's breaking you already.
: Point B. - An open foreclosure action will remain open until the forbearance is successfully completed.
: If it's at all possible, complete the forbearance, then  look at refinancing after the first of the year.  Retain all agreements you have with your current lender and submit copies of those agreements with your refinancing package so a new potential lender can see that you have, in fact, been making on-time payments for the last year and the lates are just due to the way credit is reported.

: : I have a work out/forbearance agreement with my lender.  The amount due is breaking me, but I am hanging in there.   Talked to someone today about possibly refinancing.  Guy told me that a. my forbearance agreement is way too long (through end of this year) and b. my credit shows and will continue to show late mortgage payment until forbearance is completely done (Dec 2005).  Is this normal?  


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