By Admin on Mar 31, 2008 in Renting & Real Estate
Ana C asked:
Ok im behind on my mortgage unfortunately I have been going thru a financial harship im working on sending documents to the bank regarding my situation but was wondering if anyone knows what the banks are looking? Please note that my mortgage also increased since I had an adjustable rate. I am able to pay the first payment with no problem now that im working. Any advise is appraciated.
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Ok im behind on my mortgage unfortunately I have been going thru a financial harship im working on sending documents to the bank regarding my situation but was wondering if anyone knows what the banks are looking? Please note that my mortgage also increased since I had an adjustable rate. I am able to pay the first payment with no problem now that im working. Any advise is appraciated.
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Go and talk to them Personally. If you can’t find someone to talk to, see a good financial adviser immediately!!
geiniusbobiknow | Apr 1, 2008 | Reply
FYI – A mortgage underwriting is a person who reviews a mortgage application for approval. Are you looking to refinance the current adjustable rate mortgage you have?
Currently, from what I understand, there is a big effort to get people out of their adjustable rate mortgages, that they cannot afford and into fixed rate mortgages. Therefore, is would assume that most underwriters doing these refinances would more understanding of late payments, given the present state of the economy.
You should get in touch with the mortgage servicing or collections department (if it was past 30) and explain that due to the increase in your adjustable rate, you are having difficulties. If you have not already talk to your mortgage company about refinancing that adjustable to a more affordable fixed rate loan.
Good luck
Lori H | Apr 2, 2008 | Reply