Answers
Is it true that you can pay partial mortgage payments while ur house is up for sale to prevent foreclosure?
I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a "hardship" letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? BTW, my mortgage company is the horrendous EMC Mortgage Co. - it doesn't get much worse than them.
Answers:
I seriously doubt it. We were relocated out of state a year ago and 6 months ago it became hard to pay both a mortgage and rent, so we tried working with the mortgage company and it got us nowhere. Our house has been for sale for 16 months and when we finally got an offer the bank refused it. I strongly urge you to work with them, you never know what they will accept until you try.
I am with Wells Fargo, the MOST horrible lending company in the business. Everytime we talk to someone about our situation they ask who we are with and when we tell them we hear..."I am so sorry."
Good Luck. At least when you work with them you can be sure you are doing the right thing, even if they wont.
You can ASK if the lender will accept partial payments to help stave off foreclosure, but the lender is under no obligation to agree to your request. However, lenders are not thrilled with foreclosures, and they may well agree, IF they can ascertain that their losses will be lower by agreeing to your request. You can only try.
Good luck.
call your lender and ask them
This is possible, depending upon the lender. Only EMC Mortgage, unfortunately can answer this question for you and start that process.
This would have to be something that you got your lender to agree to. it makes sense that the lender would be better off with something until the house can be sold and the loan would be paid off. They often lose money at a foreclosure so I would hope that they would be willing to work with you.