Question
Why does a bank want you to come see them once you are behind in your mortgage payments for 3 months?
I went to my bank to try to negociate a loan modification etc. to try and avoid a foreclosure on my house. They said: come see us when you are behind 3months in payments. I am wondering if they are doing that to try and trick me and then raise my interest rate etc??
3 weeks ago - 3 answers
Best Answer
Chosen by Asker
Lenders are not going to simply offer loan modifications to every borrower, but will to those who really are in trouble and have dug themselves a hole by getting to far behind, but still have a strong enough income to dig themselves out. The lender truly doesn't want to foreclose on your house, they simply want the money you originally agreed to pay such that they are not out to lay a trap for you. Banking is a highly regulated business and such deception would never be allowed.
Source(s)
Realtor
by linkus86
3 weeks ago
Asker's Rating: 
Other Answers
no, i doubt that. chances are it wouldnt be worth doing a loan modification until you actually are 3 months behind
by I gotz that wicked clown love- 3 weeks ago
They are not trying to trick you, but because banks are so overwhelmed with defaulting mortgages right now, normally they do not start the loan modification process until you are 90 days delinquent on your mortgage. They tend to put the most delinquent at the top of the pile, of course. What they are trying to do is to force you to try harder to fulfill your legal obligation to pay on the loan. You need to be proactive in this - call and ask for the loss mitigation department and keep calling until you get someone who will work with you. It is in your interest to insist they work with you so that you can keep your house and preserve your credit.
by CAtransplant- 3 weeks ago