I fell behind on my mortgage last year after splitting with my ex and having to close the business we shared. My situation has dramatically improved since—I found work, got married and got back on my feet—but my mortgage company (Fifth Third Bank) wouldn’t accept anything other than the total past due balance after I was 120 days late, so the balance continued to grow every month because I couldn’t afford to pay it all at once. I began applying for their mortgage assistance program last year and have only just now gotten a decision from them.
The problem is that they want me to pay the total past due amount over just the next four months, along with my regular monthly payment. My regular payment is around $1650, and they want me to pay an additional $5350 every month (total of $7k) for the next four months. I am not sure that I can come up with that and I don’t want to lock into something that I’m unsure of, especially knowing that if I miss or am late on a payment, they can start foreclosure proceedings. I read over the offer letter multiple times to see if there was any info about possibly appealing the decision to try to get the repayment period extended, but there was nothing. Is negotiating even an option?
It is a conventional loan, 15 year, I am in GA, I have a ton of equity.
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source https://www.reddit.com/r/RealEstate/comments/1v97xw3/can_a_mortgage_assistance_offer_be_appealed/
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