Currently I cant afford to pay my mortgage and my taxes and ins is in escrow. Should I continue to pay the escow only?

Asked by Bubba, 46410 Wed Jun 22, 2011

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Dp2, , Virginia
Wed Jun 22, 2011
Also, keep in mind that you might have other options even if you're not excited about the ones that your lender(s) would present.
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, ,
Wed Jun 22, 2011
Usually lenders will not accept partial payments, so sending an amount less than the full amount often gets returned to you. Definitely talk to your lender about what options they have for your situation before it is too late.

You may want to ask your lender if they can cancel your escrow account/refund what is already in it, so you can continue to make the mortgage payments and hopefully by the time your insurance & taxes are due, then on your own you can pay them with other means (help from family/friends, a personal loan, etc.)
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Shannon Thom…, Agent, Avon, IN
Wed Jun 22, 2011
Have you talked to your lender about doing a loan modification yet? If you try to do a loan modification you have to be diligent and call every day and make sure they have received your papers or forms, call again and again to get it done. Short sale is the next. You can contact a realtor to have them handle it. The trick is to get the deficiency waved. If its FHA its automatic as long as you follow what they say to do. Its alot of work but can be worth it. Bankruptcy can work to wipe out the deficiency if all else fails.
good luck and let me know if you need any help with this.
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John Van Hog…, Agent, Portland, OR
Wed Jun 22, 2011
Hey Bubba,

That's a big question and it's hard to give an opinion without more info.

Is this temporary or more permanent? Do you think you will be able to resume full payments again soon? When did you purchase your home? Is your home worth less than the loans owed or do you have some equity? What are your long term you want to stay in this home or not. Will the lender accept partial payments?

As said here previously, a good first step is to contact your lender and discover what options are avaialble to you. Also, depending on your location, there may be local programs to help you through a difficult stretch with cash assistance.

Gather as much information and help as you can, then decide what your best option is.

Good luck.
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Scott Godzyk, Agent, Manchester, NH
Wed Jun 22, 2011
You should contact your lender at once, ask for the home retention department, let them know of your hardship and ask what they can do to help you. Dont wait as it only gets worse in most cases. Help may be there, but you have to ask for it.
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Shanna Rogers, Agent, Murrieta, CA
Wed Jun 22, 2011
Hi Bubba,

Have you contacted your lender(s) to see if you can do a loan modification or deferred payments? First step is to talk to your lender to see what options you have available to you.

Shanna Rogers
SR Realty
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