Approved for HAMP but Still Cannot Afford Payments
We were approved and made the trial period on time, what will happen if we don't sign and send back the modification agreement, because, we can't afford to pay it?Mortgage Loan Modification Answer:
If you don't sign and send the permanent loan modification agreement back, your bank will rescind their offer and you will lose your opportunity to permanently modify your loan according to the offer.
If the modified monthly mortgage payment amount is still not affordable, you must negotiate with the underwriter further to lower your payments either through a lower interest rate, principal reduction, or longer loan term.
The consequences, if you cannot make your payments, are dire. The bank will foreclose on your home unless you can sell it through a short sale or a market sale first.
If you need help with the negotiation process, contact me
and I will refer you to someone who can help.
All the best to you.