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Old 06-22-2011, 03:40 PM
Mi1 Mi1 is offline
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Join Date: Jun 2011
Posts: 4
Default MHAP forbearance?

My mortgage(rate is 6.75%) payment is more than I can now afford due to un-expected financial problems. I am working extra jobs and I cannot re-finance becuase I owe too much on the house. (more than 80% of it's value).

I submitted a request with my mortgage company under the "Making Homes Affordable" program. When I started this process, one of the prerequistess was that I have not been late on my mortgage payments, no problem, I have always paid on time.
Now, after months, what they offer me is a plan to pay less than the normal amount (a forbearance) so I can go into default and then they say maybe they can help me? They say my loan has to be in default but even then they cannot promise anything. This will also affect my credit score even though it is an agreed to reduction in payments for two months.

I do not think I am going to do the forbearance, it doesn't feel right to me.

Anyone have any suggestions or input?
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