Concerned

[concernedva]

Repayment Plan or Trial Period Modification. I was offered a repayment plan at the end of September, then offered Trial Period Modification. I am paid up to August 09. I have a payment scheduled for Nov for the August payment. I received the paperwork yesterday for the trial period. With a lot of negatives do i fill it out and send back or not. I was told the paperwork would be mailed out last week and it was mailed out, so it seems like i am getting on a good start.
Can they foreclose on the property with the Trial Period Modification. I know there is different laws for different states. I am in Virginia.
Please give advice
This mortage is through Citimortgage, Inc.

[Evan Bedard]

Hi concernededva welcome and thank you for joining.

I am paid up to August 09. I have a payment scheduled for Nov for the August payment. I received the paperwork yesterday for the trial period. With a lot of negatives do i fill it out and send back or not. I was told the paperwork would be mailed out last week and it was mailed out, so it seems like i am getting on a good start.
Can they foreclose on the property with the Trial Period Modification. I know there is different laws for different states. I am in Virginia.

Foreclosure activity should be placed on hold while on the trial agreement.

What do you mean by there were a lot of negatives on the trial paperwork?

[concernedva]

What I meant was there has been a lot of negative post on the site in reference to receiving the paperwork. My paperwork came at a reasonable time. My payments with the preapproved mod is $1300.00 compared to $1525.00 with a rate of 5% for 5 years and can go up to 7.25%, which is not bad. I just hope the preapproved mod amount of $1300.00 is correct. Any advice

[concernedva]

If you are preapproved with the Trial Period Modification can they deny you after your paperwork has been submitted, and if they can deny you what takes place then. Do you come up with the funds of the difference from the escrow account and what should have been paid, or do you get current as soon as possible on your loan?

[langlang]

I think you have to come up with the funds of the difference. So if it is at all possible to set aside that money, that would obviously be the expedient thing to do.

I'm sure many on the trial payment plan don't really have that option.

[concernedva]

What if you made more than the trial period payment?

[caldwellb02]

Concerned.- I can hear your fear in your words. Unfortunately, there doesn't seem to be a rhyme or reason to why the banks are treating you and everyone else to this craziness. No one can tell you if they will approve you after the trial. No one can tell you not to do the trial or to do the trial and that is the magic answer. Some people have made it. Many haven't. That is the honest truth. Anything can happen. I am sorry to say that but it's true.

I do my best to document all calls, and to comply with their requests. We need to be really diligent on this. If you call or get a call from soemone at your bank who tells you something that makes your head spin, call back and talk with someone else. See if you can get something straight, but be aware it could change tomorrow.

I'm sorry if this is negative, and I don't mean to scare you. But it's just for this reason - this craziness of no regulation and no good answers- that has caused us to put our petitions forward and try to get the ear of the feds. I'm thinking the banks are spinning in their own ways, too, but we are the ones who have our homes on the line.

Just take good care of yourself and we will hope that this all goes smoothly for you.

And please sign the petition.