loan forebearance

Posted: Mon Nov 16, 2009 6:46 pm Post subject: loan forebearance

We just got paper work from WF for home forebearance. We are applying for modification but sent this. They want for 5 months pay 400.00 then 6 month pay 7500. We told we could not pay $7500.00 so they said on the fifth month send a letter of hardship. My concern is if we cannot pay the 7500 what happens. They also say the modification is not guaranteed. What do we do???

jenkin7 · Posted: Mon Nov 16, 2009 10:59 pm Post subject:

Hi Guest,

A loan modification would have been a better option in your situation. But it is not certain whether you will qualify for it. You have applied for a modification. But there is no guarantee that it will be approved. I think you should accept the fornbearance agreement. It will at least keep you afloat on the mortgage for the next 5 months. Once the 5 months are over, write a hardship letter requesting them to modify the loan or extend the forbearance period. Waiting for your lender's approval for a loan modification will not be a wise thing to do, in my opinion.

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