Foreclosure in 60632>Question Details

jollyjh, Other/Just Looking in 61537

When in danger of a repo , should you miss a payment or stay current. The bank is teling me to miss a payment b4 they can modify.

Asked by jollyjh, 61537 Wed Jan 18, 2012

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Most of the banks are saying "If you are current on your mortgage, but have had (or are facing) a change in personal circumstances, such as an uncontrollable reduction in income or increase in payment that will create a financial hardship, and feel you are at risk of losing your home, your next step will be to determine if you may qualify for loan modification."

Call the bank again!!!
0 votes Thank Flag Link Wed Sep 18, 2013
Don't ask this question here. You need to speak to an attorney as there are legal ramifications for skipping payments. realtors cannot give legal advice.
0 votes Thank Flag Link Thu Jan 19, 2012
It is a good question and there will be a lot of answers. I think you need to see what your end goal is. If you miss payments, you will kill your credit. Have you contacted a competent attorney and accountant about your options? That may be your best first step. I would also check the programs to keep people in their homes. Renting isn't easy for those who have bad credit and have been foreclosed. It is not always an easy option. Good luck.
0 votes Thank Flag Link Wed Jan 18, 2012
I would not miss a payment that is going to set you up with problems with your credit. Even if you rent your credit score is going into play in securing the rental. Speak with a trusting mortgage broker contact me I will give you information on a mortgage broker I live in your area, Debbie Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Wed Jan 18, 2012
Hi Jolly-

I think you get the picture from the comments. You need professional help with this, and there are many offers here for that.
First, follow the links on the site so you know what to expect and what to watch out for.…

Good luck, make educated decisions.

0 votes Thank Flag Link Wed Jan 18, 2012
Don't do it.

If some agent here has the solution--great. Talk to him/her. And so long as it doesn't involve missing a payment, run the "solution" past a financial advisor first. But don't miss that payment unless you're fully willing to end up in foreclosure.
0 votes Thank Flag Link Wed Jan 18, 2012
Don Tepper, Real Estate Pro in Burke, VA
Find a qualified professional to work on this for you. The bank will be very happy to foreclose on you.
0 votes Thank Flag Link Wed Jan 18, 2012
Please visit my website. I have lots of answers about avoiding foreclose and short sales.
0 votes Thank Flag Link Wed Jan 18, 2012
you can not negotiate your own default..think about it..why would the bank deal with someone who has broken a contract with them.. would you -NO.. you need a independent 3rd party to short sell your home with the least collateral damage.. I have the #1 team in Chicago.. let me know when your ready to do this the smart way.. over 100 closed shorts! NO CHARGE TO YOU>> WE MAKE THE BANK PAY FOR EVERYTHING
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0 votes Thank Flag Link Wed Jan 18, 2012
I would talk with your accountant and attorney on this.
0 votes Thank Flag Link Wed Jan 18, 2012
Hi, Please contact me for free confidential consultation.I have the solution.
Best regards. Tatiana Perry 773 551 6554;
0 votes Thank Flag Link Wed Jan 18, 2012
No agent in his/her right mind is going to tell you to miss a payment.

And banks telling people to miss their payments is part of a common story that usually doesn't end well.
0 votes Thank Flag Link Wed Jan 18, 2012
Don't do it!

I know over a dozen people who were told the same thing: Miss a payment and we'll modify your loan.

Those people are all being foreclosed upon now because it turns out the bank couldn't/wouldn't/didn't modify the loan.

On the other hand, if you keep a clean payment history, you might be able to refinance under the new HARP guidelines when they kick in in March.
0 votes Thank Flag Link Wed Jan 18, 2012
Not sure anyone out here can answer that for yu. It depends on your over all financial situation and potential options you might have. There is no guarrantee that tey will even modify it. They will look over you situation and may or may not do it. If you have a job and assets and not a lot of liabilities they might not do it. Perhaps talk with your accountant.
0 votes Thank Flag Link Wed Jan 18, 2012
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