Got my car loan modified... do I tell U.S. Bank???

[ABC123]

I have been working on a mod with U.S. Bank since April. When I spoke to somebody last week I was told that a packet with approval or denial will be sent out next week. In the meantime of trying to get this mortgage mod I have succesfully negotiated a Car Loan mod with my C.U. My payment is going from $576 to $346 per month. This obviously would change my DTI. Do I risk telling them or just see what is sent out to me and not say anything? Thoughts? Thanks.

[Evan Bedard]

Hi ABC123,

I have been working on a mod with U.S. Bank since April. When I spoke to somebody last week I was told that a packet with approval or denial will be sent out next week. In the meantime of trying to get this mortgage mod I have succesfully negotiated a Car Loan mod with my C.U. My payment is going from $576 to $346 per month. This obviously would change my DTI. Do I risk telling them or just see what is sent out to me and not say anything? Thoughts? Thanks.

Since you are down to the last week they should have already calculated all of your financial information. If you let them know now they may reject any offer that was on the table and restart the process over. But if they give you a denial letter next week you will have to resubmit updated financials and also let them know anout the car loan modification.

BTW congrats on getting your car loan modified!