How do I salvage my mortgage and home when my 2nd mortgage has become several months delinquent do to unavoidable circumstances...besides bankruptcy?
1 Answer from Attorneys
Many lenders have a 'workout' dept. Contact yours
to determine who to talk to and ask if you can modify
the original note and Deed of Trust by adding the
accumulated late payments/fees/interest to the end
of the payback period. Another option would be to pay 1/2
your payment every two weeks with the consent of your
lender, until the arrearage is caught up. This is the method
used by most consumer credit assistance agencies.
The third way, off the top of my head, would be to contact a
local consumer credit agency. These are credit counselors who
will go to bat for you with the creditors at a much
lower cost than an attorney. keep in mind that your lender
will be none too pleased if he finds out he's the
only one you've been holding out on, so if you want to
follow any of these, I'd suggest talking as little as
possible and listening a lot.