Property Q&A in 33141>Question Details

Thomas Q., Both Buyer and Seller in Miami Beach, FL

My mortgage is 2 weeks late, i work only 1 day a week now, what will happen to my condo?

Asked by Thomas Q., Miami Beach, FL Tue Mar 10, 2009

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Call the lender...who is it? and explain why it's late, and ask if they can "forgive" a month or two, or put the payments at the end of the balance. If it looks like your reduced income is going to be prolonged, you need to see if you can get the lender to modify the loan. You must do this in writing, and you must have all your financial info, at hand. They will probably ask you to fill out an application w updated financials. It also helps to have updated info on current closed sales/values of your Building...how is your mortgage balance in comparison to recent closed sales?

I am a realtor and mortgage broker, who is very familiar with your area. Catherine Kim Owens P.A. 954-536-0648. cjkowens@aol.com
0 votes Thank Flag Link Tue Mar 10, 2009
Call your lender and explain to them your situation. They may be able to modify your loan and help you out. Or if you have owned it for a while and have equity you may be able to sell it. Just don't panic, 2 weeks is not horrible. It takes atleat 30 days to even get reported toward your credit rating.
0 votes Thank Flag Link Tue Mar 10, 2009
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