Posted on: 15th Nov, 2010 11:42 pm
I applied for a loan modification with my financial institution to lower my payment but they are not helping me what can i do?
I am still making my payments but they has set an inpound account so it looks like if i not current with my payments
I am still making my payments but they has set an inpound account so it looks like if i not current with my payments
Welcome ceciliahernandez,
It is the lender's discretion whether or not he will consider your request for loan modification. If you do not meet the required criteria of the lender, your loan modification request may not be accepted. In most cases, the lender won't accept your modification request unless you're delinquent on the loan payments.
It is the lender's discretion whether or not he will consider your request for loan modification. If you do not meet the required criteria of the lender, your loan modification request may not be accepted. In most cases, the lender won't accept your modification request unless you're delinquent on the loan payments.
If you have applied for a loan modification and you did not include taxes and home owner insurance into your mortgage payment, then as part of the modification process they will impound for payment of taxes and insurance. IF you got denied and maybe behind on your taxes and insurance they may also impound but have to ask for your permission. Read closely any paperwork you fill out when applying for assistance as it will most likely ask you if it is okay for the lender to impound and pay your taxes and home owner insurance.