Posted on: 05th Jan, 2010 05:18 pm
Our bank modifiied our loan and gave up a good deal, and 2 months later we made our first payment and everything was going good, then 3 months in our new loan mod, signed and agreed, we get a new modification with a different payment and deal. Is that possible? Please help me, our docs show no where in them that, that can be posible, but it does say, they and us, that the agreement will be bound by and shall comply with, all of the terms. Please help anything would be great, thanks. Joey
Hi gizgiz!
Welcome to forums!
I guess that the first modification that you received from your lender was a trial modification. As you completed the trial modification successfully, the lender has given you a permanent loan modification with different terms and conditions. I would suggest you to contact your lender and clarify the whole issue. It will help you know the exact situation.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess that the first modification that you received from your lender was a trial modification. As you completed the trial modification successfully, the lender has given you a permanent loan modification with different terms and conditions. I would suggest you to contact your lender and clarify the whole issue. It will help you know the exact situation.
Feel free to ask if you've further queries.
Sussane
That's exactly what happened, she said that the investor changed it, i was on time, he changed from a 4% 40 year to a 4% 5 year intesest only. I really didn't know why, but they said the investor had changed it and the first 4% 40 year was no good even after signing and first payment.
hi Gizgiz,
It is quite normal for the lender to give you a trail modification first and check out whether or not you are able to pay off the mortgage dues. If you pay off the dues as per the payment plan, they would make it permanent. While a permanent modification was offered to you, the lender changed the terms and conditions of the loan. You can try to negotiate with your lender and check out if he can change them for you.
Thanks
It is quite normal for the lender to give you a trail modification first and check out whether or not you are able to pay off the mortgage dues. If you pay off the dues as per the payment plan, they would make it permanent. While a permanent modification was offered to you, the lender changed the terms and conditions of the loan. You can try to negotiate with your lender and check out if he can change them for you.
Thanks
Hi,
Whenever you apply for a loan modification the bank will treat it as a trial modification and as you complete few months the bank will check whether you qualify for permanent modification or not. If you qualify then the lender will give you a permanent modification with different terms and conditions. If you are not happy with the terms then you can negotiate with the lender.
Whenever you apply for a loan modification the bank will treat it as a trial modification and as you complete few months the bank will check whether you qualify for permanent modification or not. If you qualify then the lender will give you a permanent modification with different terms and conditions. If you are not happy with the terms then you can negotiate with the lender.