Q: I just made the last of three trail modification payments. My loan servicer tells me it will take 45 to 60 days before I know if I am approved. What should I do until then? I don’t want to keep paying and then be told I’m not approved. I don’t want to give to lender a reason not to approve me. I signed a document where I agreed to make three trial payments. What is your advice?
A: If you want the permanent loan modification or even want to have a chance of getting the permanent loan modification, keep making your payments, and keep calling the lender – daily if you have to.
Some lenders are now requiring homeowners to make 5 to 6 months of trial payments. But if you miss even one payment, you’ll get booted from the program and will lose any chance of getting a permanent loan modification.
Your lender now needs time to verify all of your information – your income, assets, etc. The problem is that many homeowners won’t qualify for a loan modification. If you don’t think you’ll be approved or you are pretty confident that you will not be approved, then you can decide what your next move should be.
Also, it may be helpful if you write a letter to the executive team of your lender, like the president or CEO, detailing your payments and asking if they can look into what the next step is for this loan modification to be made permanent.
You need to make sure your trial loan modification has not gotten lost in the piles of paperwork that banks have these days. Why not send a letter to the bank and make sure that they are on track with your own paperwork?
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