Financial hardship. Concerned about trustworthiness of mortgage company.

[danstelter]

Hi -

My wife and I have come into financial hardship due to reasons way outside of our control (business falling apart, health problems).

I contacted our mortgage company, and they're putting me through a financial hardship process, which is fine. Most of the forms look legit and asking for appropriate info they would need to know.

However, one talks about all parties agreeing to a "Short Sale." I know what that is, and it's not what I want. I have another business operating and going in the right direction, so I feel this hardship will likely be temporary and want to keep our house.

I have not trusted PHH Mortgage from the start. Do I have anything to be concerned about? I understand I may just be panicking.

Thanks for your opinion,

Dan

[disneysteve]

one talks about all parties agreeing to a "Short Sale." I know what that is, and it's not what I want. I have another business operating and going in the right direction, so I feel this hardship will likely be temporary and want to keep our house.

I suppose it depends what the form actually says. Is it just stating that they will accept a short sale if it comes to that or is it actually authorizing starting the process?

I'd say your first step should be to call whoever you're dealing with over there and ask about the form and what it actually means.

[greenskeeper]

how many missed mortgage payments?

[disneysteve]

how many missed mortgage payments?

Very good question. What exactly does "financial hardship" mean? Does it mean you've been struggling but still making your payments or does it mean you are 6-months behind?