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 bgoudeau
Joined: 15 Nov 2009
Posts: 1
1.49 Dollars($)
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Posted: Sun Nov 15, 2009 2:51 pm Post subject: "Special Forebearance Plan" BEFORE Loan Modificati
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I have been in constant contact with our 1st and 2nd mortgages regarding a Loan Modification. Each has offered a "special forebearance plan". In short, the 1st mortgage company states that "We will instruct our foreclosure counsel to suspend foreclosure proceedings once the initial payment has been received, and to continue to suspend the action as long as you keep to the terms of the Agreement. Upon full reinstatement, we will instruct our foreclosure counsel to dismiss foreclosure proceedings and report to credit bureaus accordingly".
It further states that "Upon successful completion of the payments outlined in this plan, your loan will be reviewed for a Loan Modification. Based on investor approval, this may satisfy the remaining past due amount on your loan." Furthermore, the lender states that "...at its option, may institute foreclosure proceedings according to the terms of the note and security instrument without regard to this special forebearance agreement".
However, I am EXTREMELY concerned that with no written agreement that the loan modification will take place at the end of the 3 month period, that we will lose everything. The 3 month payment plan is MORE than our current loan payment. It seems that some of the language is contradictory in nature.
Is this an attempt to "get what they can" before they foreclose on us? or is this fairly standard? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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niyifat2k1
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