Loan Modification Forum - LoanSafe.org - View Single Post - My monthly deficit too high to get a mod?

ZAP09 · 06-12-2009, 06:24 AM

Chen-
You can read about these forebearance agreements a number of times on this forum. As I understand it, there is always a large sum due at the end of the 3 months, it's basically a 3 month loan with all due at the end of 3 month period. This sounds just dreadful, however, your payment per month should be significantly lower for that time frame. The 3 month forebearance (although it did not work out for me if you read my story) is like a trial run the bank puts you through, the want to see you make these payments on time. Before you make your final payment either you will contact them or they you to "update your financial information" so you can be considered for a modification. Your numbers have to have changed since the last time you submitted (so may want to contact other debts to modify) then depending on your investor they will see if you meet the guidelines for a modification. The tricky part seems to be that no one can for sure tell you the "guidelines", basically it is not a cut and dry formula- at least not for me. Hope that helps.

06-12-2009, 06:24 AM	#35 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Chen- You can read about these forebearance agreements a number of times on this forum. As I understand it, there is always a large sum due at the end of the 3 months, it's basically a 3 month loan with all due at the end of 3 month period. This sounds just dreadful, however, your payment per month should be significantly lower for that time frame. The 3 month forebearance (although it did not work out for me if you read my story) is like a trial run the bank puts you through, the want to see you make these payments on time. Before you make your final payment either you will contact them or they you to "update your financial information" so you can be considered for a modification. Your numbers have to have changed since the last time you submitted (so may want to contact other debts to modify) then depending on your investor they will see if you meet the guidelines for a modification. The tricky part seems to be that no one can for sure tell you the "guidelines", basically it is not a cut and dry formula- at least not for me. Hope that helps.