Posted on: 18th May, 2010 12:48 pm
Hello,
I'm currently in Foreclosure and got my sale date pushed back because we are in the loan modification process. My lender is Bank of America and I just got a letter in the mail saying to start paying the mortgage or the loan modification could go sour. Doe's any one have any suggestions on what I should do?
Thanks for any help given.
I'm currently in Foreclosure and got my sale date pushed back because we are in the loan modification process. My lender is Bank of America and I just got a letter in the mail saying to start paying the mortgage or the loan modification could go sour. Doe's any one have any suggestions on what I should do?
Thanks for any help given.
Hi non,
If you have got a temporary loan modification from your lender, then you'll have to pay them according to the plan. If you don't pay according to the temporary plan, then your modification will be canceled and the lender will foreclose the property.
Thanks
If you have got a temporary loan modification from your lender, then you'll have to pay them according to the plan. If you don't pay according to the temporary plan, then your modification will be canceled and the lender will foreclose the property.
Thanks
I'm currently in the process of getting pre-quliified for one and not yet in a program. Yet my lender sent a letter saying please pay like normal until you are in a program. Is that something I should do or should I wait and see what program they put me in?
Hi non,
You need to confirm this with your lender. As you are not in a program, he will let you know what type of payments you need to make.
You need to confirm this with your lender. As you are not in a program, he will let you know what type of payments you need to make.
There are multiple answers to this question, I'll try to keep it as simple as possible.
If you have not yet gone to the sheriff's sale, there is still time for a loan modification. Bank of America really doesn't want your home. However, it depends on how far behind you are on your payments and your ability to make the modified payment that will factor into this.
We have successfully obtained modifications for borrowers who have not made payments in 9 months on the mortgage, but the borrower was able to qualify for the modification and make the payments.
If you are 3-4 months behind on your payment, and can catch up with one or two payments, the likelyhood of getting your loan modified to a new, lower payment is greatly enhanced ( if you are able to make the new, modified payment ). If you are not able to make the new payment, then it may be very difficult to have the loan modified and forestall the foreclosure any longer.
If you have not yet gone to the sheriff's sale, there is still time for a loan modification. Bank of America really doesn't want your home. However, it depends on how far behind you are on your payments and your ability to make the modified payment that will factor into this.
We have successfully obtained modifications for borrowers who have not made payments in 9 months on the mortgage, but the borrower was able to qualify for the modification and make the payments.
If you are 3-4 months behind on your payment, and can catch up with one or two payments, the likelyhood of getting your loan modified to a new, lower payment is greatly enhanced ( if you are able to make the new, modified payment ). If you are not able to make the new payment, then it may be very difficult to have the loan modified and forestall the foreclosure any longer.