Already Nearly 3 Months Behind in Payments but HAMP Modification Just Got Approved
(Blue Eye, Mo. 65611)
I was just informed that I qualify for modification at 2 1/2 percent which would decrease my payments from $1260 to $926. Will I also have to pay up the current overdue payments to be considered current when the new amount starts. Would I need to pay at the former rate?Mortgage Modification Answer:
Congratulations on your HAMP loan modification approval!
As for your question regarding payment of the outstanding amount, it should be addressed by the loan modification agreement drawn up by your lender.
Please read your agreement carefully to see how they would like to take care of this issue.
There are different options that your lender could offer. Read this post
where I recently addressed the same question from another visitor.
All the best to you!