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Is it common to be offered a trial forbearance before a loan mod?

i have been contacting my lender (gmac) for a loan mod for months... Then I received a trial forbearance letter in the mail for a reduced loan amt but for only 2mo. When I asked the rep I was told it was common to do this before a loan mod.. however, she couldnt tell me if i would qualify or where/what the $ is applied to. what does this mean..????

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Some lenders offer trial forbearance before approving the modification program. They check whether you would be able to afford the reduced payments once the loan has been modified. Not all the lenders offer such modification, but some often do that. I think you should start making the payments as per the forbearance plan. It is just a matter of 2 months. You have been contacting them for months to modify the loan. Now that they have responded to your request with an offer of forbearance, I don't think letting it go will be a wise decision.

Like | Dislike | Share | Posted: Fri, 09/11/2009 - 02:34

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