No, you should never intentionally miss a mortgage payment with the intention of qualifying for loan modification.
Especially in light of this Boston Globe article about a couple that tried that strategy. They were told they couldn’t qualify for a loan modification unless they were 50 days late on their payment, so they just waited 50 days without making payment and tried again. However, Washington Mutual has denied them any opportunity for a loan modification. As a result, the couple has filed a class action lawsuit against Washington Mutual.
The couple may be justified, and WaMu may have been at fault since their policy should have been as they stated it. But for you, an individual homeowner in Las Vegas, this is not a good strategy. Why? Too much stress, waiting and an uncertain outcome. Hopefully the lawsuit will go on to help other homeowners, but if you’re worried about your financial situation, then you need to take appropriate strategic steps.
The first step is setting up a free initial foreclosure consultation with good bankruptcy attorneys in Las Vegas. This way you’ll learn all of your options before you make any decisions to try and outflank the mortgage company on your own.
One of those options now available to Las Vegas residents is to request a mandatory foreclosure mediation session with a professional mediator. This is part of the new Nevada Foreclosure Mediation Program recently created by the state to help Nevada homeowners facing foreclosure. Under this program, you and your lawyer get together in a room with a professional mediator and a representative from your mortgage company.
Additionally, you still have the full protection of the bankruptcy laws on your side–Chapter 7 bankruptcy and Chapter 13 bankruptcy. In many instances, you can still protect your home under Chapter 7 or Chapter 13.
As the bankruptcy laws and the issues surrounding foreclosure and mortgage modification have become more complex, it’s more important than ever to have an experienced Las Vegas bankruptcy attorney on your side to help guide you through the foreclosure crisis.
We want to help stop foreclosure Las Vegas. Please get in touch with us for a free initial foreclosure consultation so we can apply our skills for your benefit.