Take a risk & miss a mortgage payment for relief?

RANDY.... I truly agree, hence why I decided to write this. Hey, I am sure it has worked for some, to get the lender to modify their mortgage. But that to me sounds like a very, very huge risk. And if it doesn't work?  Now your credit is screwed up.  Yes, scary.

JOHN.....  It was from a separate company. And I should have made that clear, which I will change. It's one thing that the phone call comes from the same lender, but from an outside company?  Major risk in my opinion. Nobody even has control within their own company, let alone outside.

And yes, there are programs to help people, but they need to be late. But those are even dangerous. Take the FHA Secure loan. You need to be late after your arm adjusted, not prior. But even if you do qualify for this program, the rates are about 1/2 percent higher than normal rates.  It's just scary out there..

PENNY...... I need to clarify part of my post. This wasn't about short sales, but companies calling you up, telling you to miss a payment or two, so they can call your mortgage companies loss mitigation department, to help you modify your current mortgage.  To many "ifs" involved.

RON....   yea, I don't truly understand the theory... if I am having trouble and I tell you... but you tell me that I need to miss a few payments before they would help, what guarantee would I have?  Gee, if this was the case, why do we have so many foreclosures?  I know one reason.. lack of education.  But I also see a lot of poor advice.

SANDRA.... well, when people hear words such as "guarantee" and "I promise"....  and they are backed into a corner, people will do or try most anything... at least in my opinion.

MISSY..... you would know more about short sales than myself.  I have closed a few of these transactions when people were buying them, but that's about it.  And I truly understand about getting the lender to accept a lesser amount, so the house could be sold. But these are companies calling up a consumer, telling them to miss some mortgage payments, so they can modify their mortgage, making their payment cheaper.  Scary.... and very risky in my opinion.

JASON.....  yes, write a post on it.. and you are welcome... lol   Seriously, that is part of my whole point. You have companies working with people that haven't missed a payment. The stuff that I talk about above, is widespread and happening more than we are hearing about.  I know part of this, because I have already spoken to a handful of consumers calling me, asking me if this is a good idea.  rut row...

LARRY.....  why couldn't you believe it?  Bad adive or misleading advice is given often. It's trying to weed through it that is the case of so many problems.

AUDREY......  In my opinion, it basically comes down to finding a new niche and preying on people. I niche that could hurt so many.  But as I stated, when your back is up against the wall, you tend not to think clearly and will grasp for straws.

DAVE.....  what is common sense though?  lol   You can be very intelligent and actually not have common sense. I think that partially gets in the way of those that think they are so smart.

JENNIFER....  that is a big pet peeve with me and I wrote that in my red flags post. Words such as "I promise" and "I guarantee".... but many consumers will believe people at face value when hearing these. I need more than that....

BO....  yes, I am kidding that I am not kidding... lol   Hey, if you can exploit someone's weakness, as in these cases, it's a way to make money. How about how scam artists go after seniors....  many don't know better and they just trust.  Kind of the same thing..

PAUL.....  well, when it comes from the lender....  I could take them a tad more serious. But my main point, was if it's another company telling you to do this. But yes, I had a consumer call me, telling me that someone from another department, with the same lender, told her the same thing as your client was told.  So, do you believe them?  What is the madness behind that. If they are going to help, why do I have to be late?????

GERRY..... . it is very sad to see and hear. And I know a few of them that did previously do subprime loans. As you stated, yes, contact your current lender... that is so important.  Start with them.... thanks for the input.

FLORIDA RESIDENT..... . I don't think I have heard of that as of yet.... but it would make sense, if someone was late lately, that the lender would modify their loan. But the gist of my blog was to tell people not to take this advice. In my opinion, it's poor advice and very risky advice. If the lender doesn't help you, it will hurt your credit scores big time, which could hurt your chances in refinancing also... just food for thought.

LEWIS...... .  wow, thanks for the very kind and polite compliments... thanks

MATTHEW.... . lol... well, please don't be falling off your chair, that might not be a good thing. But a bad thing after last night?  What was last night?  In any case, thanks for the compliment.