if get trial will it turn permanent after?

[Isabel]

If you get a trial period under the Obama plan, will it turn permanent automatically.

How does the loan modification package look like.

does it say trial period then we will determine if permanent or

Trial period then permanent if you follow all rules

or just trial period, permanent will be discussed later.

Also, how long is it taking to get a loan modification? Are people paying while they are waiting for a loan modification?

[Evan Bedard]

Hi Isabel,

How does the loan modification package look like.

does it say trial period then we will determine if permanent or

Trial period then permanent if you follow all rules

or just trial period, permanent will be discussed later.

Also, how long is it taking to get a loan modification? Are people paying while they are waiting for a loan modification?

Some homeowners choose to continue paying while waiting for a mod but most stop paying their mortgage all together. It seems easier to get a modification when you are behind on payments. The time it takes to get a modificaition is going to vary case to case, and some will not even get approved at all.

After the trial period is complete it is not guaranteed you will achieve a permanent mod. If you read around here many homeowners have entered this program but only few have been approved for permanent assistance once the peiod is over..

[Isabel]

Wow, that does not sound good.

So you can pay for the trial for 3 mths and then can come back and say well we decided not to approve you.

Don't these banks want to work with us or are they jsut thinking short-term. lets foreclose on the property, get some money now and think about later later.

Wow, I am considering of trying to do a loan modification but i was going to get someone who will help me do this loan modification but i have to pay her once i get the loan modification but if there is no guarantee it will be permanent, i might just pay for nothing. hmm i have to consider..

[Evan Bedard]

So you can pay for the trial for 3 mths and then can come back and say well we decided not to approve you.

Don't these banks want to work with us or are they jsut thinking short-term. lets foreclose on the property, get some money now and think about later later.

Wow, I am considering of trying to do a loan modification but i was going to get someone who will help me do this loan modification but i have to pay her once i get the loan modification but if there is no guarantee it will be permanent, i might just pay for nothing. hmm i have to consider..

Yes definitely think hard about this. There is definitely no guarantee after the trial period and you dont want to waste your money by paying someone to help you. Have you ever considered a non profit organization such as NACA?

[ChrisC]

The problem with the Trials is even if qualified and fits guidlines or range of what the lender would want to see, damn near all the time they still deny it afterwards for whatever reason, seen this over and over. Regardless of whether it was a trial where payments were lowered, or one where they increased. Generally your still going to have to reapply or keep following up and sending updated documents after the trial and trying to work it out but run the chance they can still file foreclosure and issue a sales date, soemthing else that would have to be worked with then. Actually just happened to a client who was qualified and passed NPV test, payments should have reduced 1300 a month, and they denied and issued sales date. She had to file BK today, complete bs what the lenders are doing.

[rsar999]

yes they can deny a mod even if your on a trial-the trial is to verify all your information and see if you make payments on time, they will deny is you miss trail payments of if your info doesnt pan out.