i submitting appli. for loan modif., bank just tells me i have 2 wait. I can’t make my payments anymore. What is best, loan mod, short sale, foreclo

Asked on July 1, 2009 under Real Estate Law, California

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law. I suggest that you wait for the bank to get back to you.  If the bank is the only mortgagor then they can control what money they get and how they re-write your loan.  If the bank is going to help you here and you qualify for the loan modification, then they will tak into consideration the missed payments and make up for it in some fashion when re-writing the loan.

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law. I suggest that you wait for the bank to get back to you.  If the bank is the only mortgagor then they can control what money they get and how they re-write your loan.  If the bank is going to help you here and you qualify for the loan modification, then they will tak into consideration the missed payments and make up for it in some fashion when re-writing the loan.


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