Posted on: 25th Jul, 2011 12:10 pm
I asked my bank for a loan modification because I was a month behind and couldn't pay the late fees and penalties I had accrued over a period of time.
This week the lender sent me a modification packet that lowered my payment $68 and added a $98k balloon payment at the end.
I feel like this is a joke and why would anyone accept this modification...
I just want to know if this is normal?
This week the lender sent me a modification packet that lowered my payment $68 and added a $98k balloon payment at the end.
I feel like this is a joke and why would anyone accept this modification...
I just want to know if this is normal?
The lender really can do what ever they want. Keep in mind, just because they sent you a packet, does not mean you will be approved. If you are only a month behind, continue to make your payments and get caught up over time. The lender cannot do anything until you are 90 consecutive days late. Good Luck