Honey?the Bank is on the Phone?since We Were Two Days Late on our Payment
Written by admin on April 21st, 2011manageable level. They agreed among themselves, to make extra payments just as soon as Aaron got his P.E. ticket and put the amortization down in the twenty-year range just to justify the big run up in negative amortization. Many other couples are not being offered options as the loan has been sold into the secondary market and the service departments may not be able to offer generous options. In that case the homeowner needs to immediately seek help to change things up before it gets totally out of hand. It will end up in the tank with credit ripped to shreds if efforts are not made to engage the lender early in the cycle. Once “Notice Of Default” is filed it will be tough. The adverse credit event will likewise show up on the borrower’s credit and further complicate things by plummeting FICO scores.
To review: IF an ARM product is the answer, then the lowest possible margin needs to be negotiated coupled with a stable index. An option ARM has the power to allow a borrower to pay above the minimum payment and insure it does not go negative. Some lenders offer a bi-weekly plan, which accelerates the payments by making an extra payment per year and reducing the negative amortization. In any case, a consumer needs to shop and enter into an ARM mortgage with full knowledge of what the terms and conditions of the deal.
Otherwise, “Honey…The Bank Is On The Phone…Since We Were Two Days Late On Our Payment…They Want To Make A Deal…” OR “If we don’t have a payment by Friday, a Notice Of Default will be filed and Foreclosure proceedings will follow.” Homeowners need to be proactive if there is an impending problem with payments they may just get a sympathetic ear.
Dale Rogers
www.brokencredit.com
www.sellerhelpsbuyer.com
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