Top Loan Modification Mistake. Strategic Default? Maybe You Can't Afford This House.

Описание: Loan Modifications are possible, but Loan Modifications are not easy to obtain. First rule of mortgage modifications is "You cannot be current." You will always get denied for a mortgage modification if you are paying your mortgage. Some people have tried a "Strategic Default," however this is usually a bad idea and not going to get you closer to a loan modification. Loan modifications require a hardship. If you are paying then the bank does not see your hardship. It is an unfortunate Catch-22 that many homeowners find themselves in. Diego G. Mendez, Esq. explains why purposely defaulting on your mortgage (AKA "Strategic Default") is a bad idea and can cause your property to end up in foreclosure. Should I use my savings to come current with my late mortgage? That is a tricky question. The thing to thing about if whether or not you can afford the mortgage payment after you come current. If you can't, they you might be in a foreclosure situation immediately after coming current. Be careful what you do here.

00:00 Introduction
01:28 No Hardship = Denial
03:00 Strategic Default
05:05 Maybe you can't afford the house?
06:27 Should I use savings to come current?
09:00 Closing Thoughts