Three Month Loan Modification Trial Period, What's Next?

by Norma

We have recently been approved for the traditional loan modification program with GMAC. After 5 applications and many phone calls! We were just told we are in a three month trial. After some research I'm scared of being denied and fall further behind in our mortgage because during the trial you can't pay for one month before starting trial. We are planning on paying on time and stay in track. Could we still be denied and be in a worst condition? Please help, I'm worried

Mortgage Loan Modification Answer:

First of all, Congratulations on getting approved for a trial loan modification!

During your trial period, your lender will likely monitor your financials to make sure nothing changes. They based the approval on your current income and expenses, so if any of that changes at all, you may no longer qualify for the modified rate and terms they approved for you.

It is extremely important to keep your financial picture the same. Do not acquire any new debt (credit cards, store cards, auto loans, etc) or do anything that would change your income until your trial period is over.

Congratulations on your trial loan mod approval. You are half way there!

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Oct 21, 2011
Three Month Loan Modification Trial Period, What's Next?
by: Dean - St Louis

Absolutely correct. If you keep everything the same and you complete your trial payment on time, you will receive permanent modification papers. Read them carefully and be sure to understand them. If you do not receive the permanent modification papers in a couple of weeks after completing the trial modification, be sure to call the lender and remind them to send them.

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