by Guest » Mon Apr 05, 2010 10:01 am
I've recently signed up with an unemployment mortgage insurance. They have agreed to pay for my loans on my behalf, in the event I become jobless. But, it's still not clear if they'd continue to pay till I find a job.
Posted: Tue Apr 06, 2010 09:47 am Post Subject:
I don't think such policies are helpful in the long run. I believe the coverage duration is between 3-6 months.
Posted: Wed Apr 07, 2010 11:28 am Post Subject:
You may opt for 'deferral' if you're going through a financial crunch and is not able to make payments anymore. This would be an opportunity to explain your financial hardship to your mortgage lender. I'm sure your lender will also respond to this situation.
Posted: Sat Apr 10, 2010 10:49 am Post Subject:
I'm sure your lender will also respond to this situation.
You should explain how such a situation might continue for a long time. Once your deferral request is accepted by the mortgage company, you may stop payments for a period of 3-6 months till up to an year under specific conditions. Remember, that under a slow economy mortgage companies would choose to keep foreclosures at bay.
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