Posted on: 09th Oct, 2010 08:31 pm
I've been listening to alot of what's going on in the news with people and the mods. It seems that getting on a trial isn't too difficult, but trying to get the loan servicer to change it permanant is rather difficult. Only 4% of loans are actually getting modified. However, all of the articles I've read are from 2009. Is this still the issue, or since the crisis has really gotten bad, and there's pressure from the administration, can I be fairly certain that my trial mod will get approval for a permanant mod in 3 months? And is it still taking longer than the 3 months (avg. 6 mos.) to get the one's they are doing, changed to permanant loans?
If we're going to have to move, so be it, but I don't want to be told we're going to get a loan modification. pay the trial payments, and then be shafted in the end and have to move anyway. I know this was the case before, and just want to know what the situation is currently.
Thanks!
If we're going to have to move, so be it, but I don't want to be told we're going to get a loan modification. pay the trial payments, and then be shafted in the end and have to move anyway. I know this was the case before, and just want to know what the situation is currently.
Thanks!
Hi aspire4grace,
It will be the lender's discretion whether or not he will consider your request for a permanent modification. However, if you make payments toward your loan account during the trial modification successfully, then there are high chances that the lender will consider your request.
Thanks
It will be the lender's discretion whether or not he will consider your request for a permanent modification. However, if you make payments toward your loan account during the trial modification successfully, then there are high chances that the lender will consider your request.
Thanks
I see that the modification is "under review" during the trial payments. Can you tell me what it is that they're looking for? I don't want to do anything to mess this up. Thank you.