Loan Modification Forum - LoanSafe.org - View Single Post

kcchica · 07-01-2009, 05:10 PM

I heard from Bofa today about our modification request..

A little background.. called 5/7/09, paper work faxed 5/8/09, analyst assigned 5/18/09, called several times and was told 30, then 30-45 days. I was able to request a status update after 30 days, so on 6/19 I was told that the analyst was scheduled to work on my file, today july 1st. I received a call from her today!!

Anyway, because we are current on our loan (because we have gone through our savings account), we have to do a 4 month forebearance, paying half of our payment. Of course the other half X 4 months will "be due" at the end of the forebearance if they can't work with us. Assuming we still qualify for the modification, the "back due" amount will be rolled into the new loan. I did confirm that they will not report late payments and that the paperwork they are sending SHOULD also state this.

Anyway, is this forebearance, the same thing as a trial period that I have read about. I asked about another " wait" and they said there shouldn't be. However, I want to be sure. 4 months puts us all the way to our November payment, which seems so long to be in limbo.

We also have to save a little more each month, because they want a $200 surplus to qualify.... So I am working harder on our numbers.

07-01-2009, 05:10 PM	#1 (permalink)
kcchica Member Join Date: Jul 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Forebearance = trial period? I heard from Bofa today about our modification request.. A little background.. called 5/7/09, paper work faxed 5/8/09, analyst assigned 5/18/09, called several times and was told 30, then 30-45 days. I was able to request a status update after 30 days, so on 6/19 I was told that the analyst was scheduled to work on my file, today july 1st. I received a call from her today!! Anyway, because we are current on our loan (because we have gone through our savings account), we have to do a 4 month forebearance, paying half of our payment. Of course the other half X 4 months will "be due" at the end of the forebearance if they can't work with us. Assuming we still qualify for the modification, the "back due" amount will be rolled into the new loan. I did confirm that they will not report late payments and that the paperwork they are sending SHOULD also state this. Anyway, is this forebearance, the same thing as a trial period that I have read about. I asked about another " wait" and they said there shouldn't be. However, I want to be sure. 4 months puts us all the way to our November payment, which seems so long to be in limbo. We also have to save a little more each month, because they want a $200 surplus to qualify.... So I am working harder on our numbers.