Three Month Loan Modification Trial Period, What's Next?
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
-normaMortgage 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!HAMP Loan Modification GuidelinesLoan Modification Success StoriesNo Upfront Fee Loan ModificationTraditional Loan ModificationForeclosure OptionsForeclosure and BankruptcyReturn To Foreclosure Help Center HomepageBLOG - Questions and Answers