Posted on: 03rd Jun, 2010 03:06 pm
I am on trial period for 6 months now with citimortgage.I have a feeling I am gonna be denied because it takes so long.What will happen after that?Will they take my house right away or they will give me other options?Thanks
Hi slub!
Welcome to forums!
If your permanent loan modification is denied, then the lender will ask you pay off the dues in full for the past 6 months. If you are unable to pay it off, then the lender may initiate the foreclosure process. If you want to get rid of the property, then you can get in touch with the lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for the deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your permanent loan modification is denied, then the lender will ask you pay off the dues in full for the past 6 months. If you are unable to pay it off, then the lender may initiate the foreclosure process. If you want to get rid of the property, then you can get in touch with the lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for the deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane