Posted on: 16th Apr, 2009 05:32 pm
Are we supposed to continue making payments while loan mod is being reviewd. Loan with Indymac. Some people are saying on some posts that they did not pay and still received loan mod. Wondering because it would not make sense if the mod only reduces the loan by $20.00 as I see on some posts.
Hi truro!
Welcome to forums!
It would be the lender's discretion whether he would accept your request for a loan modification or not. A lender will consider your request for a loan modification only if you are delinquent on your mortgage payments. In a loan modification, the lender will lower your interest rate but increase your loan term. Moreover, while giving a repayment plan, the lender will add the past due payments to your mortgage amount.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
It would be the lender's discretion whether he would accept your request for a loan modification or not. A lender will consider your request for a loan modification only if you are delinquent on your mortgage payments. In a loan modification, the lender will lower your interest rate but increase your loan term. Moreover, while giving a repayment plan, the lender will add the past due payments to your mortgage amount.
Feel free to ask if you have further queries.
Sussane