Posted on: 27th Mar, 2010 07:31 am
I entered into a trial modification with my mortgage company, Chase, back in October 2009. I was told to let my mortgage go into default for 2 months. I did and I completed the paperwork and was accepted into a 3 month trial modification period. I was just informed I do not qualify for the modification program because I my income ratio is too low and my equity in my home too high. This is the reason I entered into the program. My husband was unemployed and I don't want to lose the home I've been paying on for the last 18 years. Now Chase is demanding 5 months of payments from me. They were very cold and want $5000 upfront and $800 per month in addition to my normal payments. That's what they consider their forbearance plan. Where did my trial monies go? Do I have any rights?
The money that you paid in the trial modification program had gone towards your mortgage payments. But it was a reduced amount. Thus, you need to clear the deficient balance by paying an extra amount each month.
The lender would give you a permanent modification based upon the your present financial situation. If you do not meet the required criteria of the lender, he may not agree to give you a permanent modification. However, you can once again reapply for a modification and check out if the lender agrees to it.
The lender would give you a permanent modification based upon the your present financial situation. If you do not meet the required criteria of the lender, he may not agree to give you a permanent modification. However, you can once again reapply for a modification and check out if the lender agrees to it.