Posted on: 22nd Feb, 2010 04:19 pm
I to got a loan forberance offer. It has lowered my payment drastically and it will help me over the six months. I contacted Amtrust and they said that it will hurt my credit but it will save me alot of money now. After the foreberance period they will do a modification that will be similar payment during the trial period. Is this true. I hope this all works because I am tired of being a slave to this home loan.
Hi Hunter,
After your forbearance period is over, you'll have to apply for a loan modification with your lender. Depending upon your financial situation, the lender will give you a trial modification plan. The payments in the trial modification can be similar to the amount that you pay while you are in forbearance. If you successfully pay off the trial payments, you would get a permanent modification.
Thanks
After your forbearance period is over, you'll have to apply for a loan modification with your lender. Depending upon your financial situation, the lender will give you a trial modification plan. The payments in the trial modification can be similar to the amount that you pay while you are in forbearance. If you successfully pay off the trial payments, you would get a permanent modification.
Thanks
I have not been late with my mortgage but has been a real struggle paying. i couldnt do it without my brother's help. now he can not help me and it looks like i will be late in the future with payments. I work part time now and I am hoping to work full time in 6 months. would suntrust bank help me with the loan forbearance if I ask before I am late with the mortgage? i dont want to loose my house but its a struggle.
Hi gabriel,
It would be the lender's discretion whether or not they may help you with a forbearance plan. However, you should apply for it immediately and inform him about the hardship that you would be facing in future. There are chances that the lender may agree to it.
It would be the lender's discretion whether or not they may help you with a forbearance plan. However, you should apply for it immediately and inform him about the hardship that you would be facing in future. There are chances that the lender may agree to it.
Well I paid all the trial period payments. I received a letter a few weeks ago that my loan modification has been approved. It will be 2 percent for five years, 3 percent for one year then fix at 4.375 remaining years for a 40 year loan. My payments went down from 2500 to 1275 a month. I am not sure about my credit, I will check. My understanding is they cannot hurt your credit if you make all the payments and there is a section in HAMP that also states that they cannot hurt your credit. So great news that it worked!