Thread Options
#1862402 - 10/17/13 07:34 PM Skip a Payment
dnau Offline
Member
Joined: Jul 2009
Posts: 93
We are going to offer skip a payment during holiday season and just interested in a letter format your bank has used in the past. This is new to us and would like utilize experts opinion on what to have in your letter. Thanks,

Return to Top
Marketing
#1862442 - 10/17/13 08:18 PM Re: Skip a Payment dnau
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,988
Galveston, TX
You need to get with your legal counsel, as these would be considered modifications to the current credit agreement. It is a little more complex than just mailing them a letter. You have to worry about negative amortization, State law issues, flood issues if secured by improved property, the impact on any credit life or disability insurance, etc., etc.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z, MoneyMaker