I wouldn't trust a bank that no longer exists to do a loan mod...
A forbearance or a modification of your Downey home loan are similar in that the way you pay will (or should) be different from what you have been paying. Let’s find out the differences.
First of all a forbearance of your Downey home loan really is just a repayment plan. If you fell behind in payments with a forbearance plan the bank will allow you to play “catch up” and be current with your payments. This may be an acceptable option if you have fallen behind only a few months and have the money to pay extra each and every month until you catch up. However if you are behind by more than a few months or even a year or more most families may not be able to save their Downey home from foreclosure through a forbearance plan.
In a loan modification the bank may adjust the terms and/or the interest rate of your loan on your Downey real estate. While there are many types of loan modifications available, both temporary and permanent, you must ask yourself…
Is it worth staying in my Downey Home through a forbearance or loan modification?
You must decide this because while your payments (especially after a loan modification) may be affordable, is it really worth it if you are $50,000, $100,000, or more under water on your home? Does it really make financial sense to keep making payments on a home that’s hundreds of thousands under water when you can short sell your home and in 2 years buy a similar home for hundreds of thousands less?
Find out how much your home is worth (or how much under the water you are….)
Go back to: Do Nothing and Foreclose on your Downey Home
Keep reading: Short Selling your Downey Home
Comments or questions are welcome. Powered by Fast Secure Contact Form
