Is there a 30 Day wait for the 1st permanent modification payment?

[lucknpat]

Quick question for any of those that have been modified permanently with BOFA. Did you have a month where you didn't make a payment? After you signed your permanent modification paperwork.

The bank is making it sound like its like a refinance closing where you have 30 days until the first payment is due. We made trial payments in Apr, May, and June. Then we sent payment with our final modification papework. Our rep believes we will not be making this month (August), until we get our new statement with everything fixed. So I just wanted to ask others here if this was the case with them.

Thank you!

[Evan Bedard]

The bank is making it sound like its like a refinance closing where you have 30 days until the first payment is due. We made trial payments in Apr, May, and June. Then we sent payment with our final modification papework. Our rep believes we will not be making this month (August), until we get our new statement with everything fixed. So I just wanted to ask others here if this was the case with them.

It is very common for there to be a 30 day grace period from the time you complete the trial period until you make the 1st payment on the permanent mod.

Congrats on the modification!!