My advise, seek an attorney with this type of expertise since he will guide you wisely. Nobody, outside of a attorney, can tell you whether to stop making your mortgage payments. While many Brokers are quite experts at these we cannot give legal advice. This goes especially for real estate salespeople that may be eager to help. The lawyer will be able to explain all the pros and cons of any decision you make, becayse after all, this is a very personal decision.
I hope this very brief summary helps you prepare for your next steps. Please do not hesitate to contact me if I can be of assistance.
Gloria @ COLDWELL BANKER/Princeton
GREEN, SRES, SFR
Yes, you may be in the running for a loan modification. Sounds like it to me. But of course, you would need to speak with your lender to discuss your options.
Please email or call and maybe I can help direct you to the right place!
Orange Key Realty
SFR Certified - Short Sale and Foreclosure Resource
The best advice you've gotten so far came from the prior poster and I will give thumbs up as soon as I finish my response - "don't panic - but don't drag your feet".
The best of luck to you,
Unwavering Commitment to Service
As Joan says do not use a company that wants to charge you money to apply for and/or negotiate a loan modification. At worst they are scams and at best they are a waste of your money. Everything you need to do can be done by you directly with your lender. Good Luck.