Forbearance

[thankful07]

Hello everyone,
CW wants to give me a forbearance for 4 months and then resubmit again with NACA in the 3rd month to get something permanent. Has anyone had a forbearance and did they resubmit.

[Evan Bedard]

Hi thankful07,

Hello everyone,
CW wants to give me a forbearance for 4 months and then resubmit again with NACA in the 3rd month to get something permanent. Has anyone had a forbearance and did they resubmit.

It seems that forbearance and trial periods are the only solution lenders are offering. Many people here have been through both a forbearance and the trial periods, but very few have recieved a permanent modification after. Most borrowers are denied for a permanent mod after the period is over. Did they give you a reason why they are offering the forbearance instead of a permanent mod?

[thankful07]

Hi Evan,
To see if our income will change, because we are business owners. I guess they expect us to make more money in 4 months.

[sandyg]

Originally Posted by Evan Bedard

Hi thankful07,



It seems that forbearance and trial periods are the only solution lenders are offering. Many people here have been through both a forbearance and the trial periods, but very few have recieved a permanent modification after. Most borrowers are denied for a permanent mod after the period is over. Did they give you a reason why they are offering the forbearance instead of a permanent mod?

I just completed my 3 mo. FB on my 1st mtg. on Sept. 1st my payments were zero. BOA wanted me to increase my income because we are self employed and naca did not account for taxes in the origional restructure. We have increased our income by $1,500 a mo.

I have resubmitted all of my financials to naca and BOA. A mod is currently under consideration per BOA conversation. I hope I am the exception not the rule on what you mention above.

Fannie is my investor. I calculate the NPV test and passed using this new income. But, that is only on the 1st. Fingers crossed!!!!!!!!!!

[florida1976]

How far behind are you in your payments.
I was told that they needed to see our ability to make our monthly payments.

[thankful07]

Currently we are six months behind. They want us to make about a third of our mortgage payment $967 of $3000. I am waiting on the offer to be emailed. NACA supervisor told me to accept it and resubmit in December before January the end period. If I refuse it will look like I abandoned helping my situation. I am in a hard place. They first proposed that we pay $2200 and the lender denied it. I want to know how much he wants me to pay or at least what he does not want to lose.