Posted on: 08th Oct, 2010 08:17 am
I've been given verbal approval for a loan modification, but it took a year to get, and my paperwork isn't the best supporting information. I'm missing a couple things, but it can't be helped. I'm worried they're going to change their minds and I'll still lose it.
Once they give you the verbal approval and the trial payments, how likely is it that something can mess that up?
Once they give you the verbal approval and the trial payments, how likely is it that something can mess that up?
Presumably, if you have a verbal approval, the paperwork ought to be on its way imminently. Stay on top of that, because if your paperwork is lacking, they may renege on the approval. Based on the verbal say-so, however, I'd like to think that they're sincere in granting the modification without further adieu.
Have they told you, yet, to expect paperwork that ought to be on its way?
Have they told you, yet, to expect paperwork that ought to be on its way?
Yes. Processor said it was on the way by two day mail and today i received an automated call that I should expect a 2 day package of paperwork. So just make the payments and keep paperwork updated, right? I was kicked out before because I didn't get notice they needed updated info. Just want to be absolutely positive it's not going to get pulled for some reason.
Presumably, the phone call you got ought to stand you in good stead. Don't rely on that 2-day deal, though. They may be doing 2-day mail, but it takes a while to get from one desk to the top of the pile at somebody else's desk so that it'll get out of there. Figure on a week or more, just to allay your nerves. Call them in a week by all means if you've not received it - or maybe earlier if you're feeling especially nervous.
Well, considering the time sensitive nature of our situation, I'm hoping that the paperwork is on it's way already. If it's going to be a week or two, we're going to get evicted before ever even getting the mod offer back in to them.
I was told by the processor to get my payment in asap. I did that, and Western Unioned it over right away. I'm hoping that that will be the thing that will stop the eviction process while I'm getting paperwork to me and back to them. Do you agree, or have another opinion?
I was told by the processor to get my payment in asap. I did that, and Western Unioned it over right away. I'm hoping that that will be the thing that will stop the eviction process while I'm getting paperwork to me and back to them. Do you agree, or have another opinion?
Hi aspire4grace,
If you've already applied for a mortgage modification, then the lender will not foreclose the property immediately. However, once he rejects the offer, he will have the rights to foreclose it.
Thanks
If you've already applied for a mortgage modification, then the lender will not foreclose the property immediately. However, once he rejects the offer, he will have the rights to foreclose it.
Thanks
jameshogg, I've posted in other's areas of the site, and for some reason didn't get this bit of info in this posting:
The lender has already foreclosed the property. I received the "approval" two days after the foreclosure had occured on the courthouse steps. So, that's why it's imperative that I get this mod through, as I'm OUT of time. You say "However, once he rejects the offer, he will have the rights to forclose it" as if it's a certainty the lender will reject it...poor choice of words, or do you know something I should know?
The lender has already foreclosed the property. I received the "approval" two days after the foreclosure had occured on the courthouse steps. So, that's why it's imperative that I get this mod through, as I'm OUT of time. You say "However, once he rejects the offer, he will have the rights to forclose it" as if it's a certainty the lender will reject it...poor choice of words, or do you know something I should know?
Hi aspire4grace,
If the lender has already foreclosed the property, then you won't be able to qualify for a loan modification now. You need to check out your state laws whether or not it allows for redemption of property. If your state laws allow redemption of property, then you'll be able to get back the property by paying off the mortgage dues as well as late fees in full.
Take care.
If the lender has already foreclosed the property, then you won't be able to qualify for a loan modification now. You need to check out your state laws whether or not it allows for redemption of property. If your state laws allow redemption of property, then you'll be able to get back the property by paying off the mortgage dues as well as late fees in full.
Take care.
I was told by two reps in the Real Estate Owned dept that if we were approved for the HAMP, that "the foreclosure would be recinded as if it never occurred". You're telling me that is incorrect?
I live in Texas and we have no right of redemption. So I'd just be screwed. I could really use some good news because I'm about out of energy to go on anymore. I can't move.......
I live in Texas and we have no right of redemption. So I'd just be screwed. I could really use some good news because I'm about out of energy to go on anymore. I can't move.......
Welcome back aspire4grace,
Your foreclosure will have to rescind first and then you may apply for HAMP. Unless the foreclosure rescinds, I don't think the lender will consider your request for HAMP.
Your foreclosure will have to rescind first and then you may apply for HAMP. Unless the foreclosure rescinds, I don't think the lender will consider your request for HAMP.
The mortgage company said I had been approved for HAMP. I received my paperwork today that I was accepted for the trial loan modification. I already see online that my 1st payment was put into my suspense account. Hoping they recind the foreclosure now, as they said they would.
Your aspirations ought to have been acquired in this case. As Sara noted, the foreclosure could in fact be rescinded and your property rights restored. It would appear that this is what has taken place, but you'll need to be proactive, of course, to continue to work with the lender and determine precisely where you stand.
It seems to me they're not anywhere near as helpful as they ought to be.
It seems to me they're not anywhere near as helpful as they ought to be.
Mr. Akerley,
So the fact that the lender approved me AFTER the foreclosure and will rescind my foreclosure is not an unusual situation then? They CAN rescind even in a state without the right of redemption??? I'm trying to be very proactive, as I've been reactive for FAR too long, and that's what got me into this mess in the first place.
Have you heard of any other instances where the lender foreclosed and then rescinded to modify or am I just (hopefully) that blessed?
Thank you for all of your insight. It is very appreciated!!
So the fact that the lender approved me AFTER the foreclosure and will rescind my foreclosure is not an unusual situation then? They CAN rescind even in a state without the right of redemption??? I'm trying to be very proactive, as I've been reactive for FAR too long, and that's what got me into this mess in the first place.
Have you heard of any other instances where the lender foreclosed and then rescinded to modify or am I just (hopefully) that blessed?
Thank you for all of your insight. It is very appreciated!!
Yes, though I can't cite you chapter and verse (regret not responding earlier, too), there are cases in which the lender can backtrack even after the fact. I don't have details about how it works, but you'll clearly need to continue to speak to them, keep in touch as much as possible so as to find out details of your own case and what is happening and what you'll need to do.