Loan Modification Forum - LoanSafe.org - View Single Post - Modification? Forebearance? I'll Flip a Coin!

HopingtoFind · 01-31-2009, 03:40 PM

Hi Calli09,

We have a property we are trying to modify... AmTrust is the servicer and Fannie Mae is the investor... We are also current on that loan with fixed interest rate of 6.25%. We received a very similar offer.. forbearance for 3 months and then possibly a modification if approved by Fannie Mae.
They are not telling me at this point what the offer would be...
After 3 months of forbearance you'll be technically behind and therefore would possibly qualify for permanent modification.
One important thing to keep in mind is if at then end of forbearance period you're not approved for a mod you will possibly have two choices: 1) to repay what is due as a result of not making full payment... or 2) have them add that amount to your loan..
I believe if you're current there is no way to qualify for a loan mod with Fannie May without going through a forbearance.

01-31-2009, 03:40 PM	#5 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 635 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Modification? Forebearance? I'll Flip a Coin! Hi Calli09, We have a property we are trying to modify... AmTrust is the servicer and Fannie Mae is the investor... We are also current on that loan with fixed interest rate of 6.25%. We received a very similar offer.. forbearance for 3 months and then possibly a modification if approved by Fannie Mae. They are not telling me at this point what the offer would be... After 3 months of forbearance you'll be technically behind and therefore would possibly qualify for permanent modification. One important thing to keep in mind is if at then end of forbearance period you're not approved for a mod you will possibly have two choices: 1) to repay what is due as a result of not making full payment... or 2) have them add that amount to your loan.. I believe if you're current there is no way to qualify for a loan mod with Fannie May without going through a forbearance.