Posted on: 03rd Jun, 2009 10:48 am
Just wondering if after the 3 month trial period will I have to resubmit information?
Hi bnbzub,
In my opinion, the lender will check your income after the trial period for loan modification is over. This will let the lender know whether your financial situation has improved or not.
Thanks
In my opinion, the lender will check your income after the trial period for loan modification is over. This will let the lender know whether your financial situation has improved or not.
Thanks
Hi bnbzub,
Did you get trial modification or forbearance? I got a forbearnce agreemnt from National City for 4 months. I am confuse.. no one in National City can really tell me whether the forbearance is also the same as trial modification.
Thanks.
Did you get trial modification or forbearance? I got a forbearnce agreemnt from National City for 4 months. I am confuse.. no one in National City can really tell me whether the forbearance is also the same as trial modification.
Thanks.
Hi M&M,
I don't think the lender would give you a a trial forbearance. With the help of a forbearance, the lender will either reduce or suspend your payments for a period of 6 months. Once this period is over, then the lender will again judge your situation and decide whether he would offer you a loan modification or not.
Thanks
I don't think the lender would give you a a trial forbearance. With the help of a forbearance, the lender will either reduce or suspend your payments for a period of 6 months. Once this period is over, then the lender will again judge your situation and decide whether he would offer you a loan modification or not.
Thanks
M&M
Welcoem to forum
Forbearance is a special agreement between the lender and the borrower in order to delay a foreclosure.
To avoid this situation, the lender and the borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved
Modification is when the lender will make adjustments to your loan like reduce the principal or reduce interest rate or readjust the tersm of payment to help you so you cna make payment on the house.
Good luck and feel free to ask
Welcoem to forum
Forbearance is a special agreement between the lender and the borrower in order to delay a foreclosure.
To avoid this situation, the lender and the borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved
Modification is when the lender will make adjustments to your loan like reduce the principal or reduce interest rate or readjust the tersm of payment to help you so you cna make payment on the house.
Good luck and feel free to ask
what is this trial forbearance: I requested a loan mod... I have been waiting 210 days for a reply... then i get this in the mail, im so confused...the trial is for 2months...then what???? The rep said to sign the papers and pay while gmac still considers a loan mod.... Is anyone familiar w/this???
Hi C&N,
The lender would give you a forbearance for a trial period of 2-3 months. If you can make payments according to the plan given by the lender, then the lender would consider your request for a loan modification. Normally, this is what the lenders do before accepting your loan modification request.
The lender would give you a forbearance for a trial period of 2-3 months. If you can make payments according to the plan given by the lender, then the lender would consider your request for a loan modification. Normally, this is what the lenders do before accepting your loan modification request.