What happens if you are 5 months behind in your mortgage payments?

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What happens if you are 5 months behind in your mortgage payments?

I am currently behind in my mortgage repayments. I am waiting for news for a home loan modification program. What happens when you are this far behind?

Asked on October 2, 2010 under Real Estate Law, New York

Answers:

Mark Monroe

Answered 10 years ago | Contributor

Only 9% of all loan mods are approved and 50% of those go into default within 12 months. The reason is that banks are not reducing enough of the payment to make a difference. Freedom Legal Plans has a program where you can stay in your home for a flat rate per month while their network of attorneys work on re negotiating your loan with your banks. Give them a call at 888-811-2255 and see if you qualify for a free case analysis.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Once you are behind AT ALL on your mortgage, you are in default of your obligations. That means the lender can (1) foreclose on your home; and (2) sue you for the money you owe. If you're five months behind, they could do either or both at any time. If you haven't done so already, try to discuss your situation with the lender to get them to agree to give you forebearance for a time, while you wait to see what happens with the modification program. Essentially, you are in a situation where legally you are in the wrong and it's up to the other side, the lender, what action(s) they want to take. You don't have a right to not pay while waiting for a loan modification or other program, except to the extent the lender itself agrees to allow you to defer or reduce payments.


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