several questions about modification application

[duhecong]

I am going to lose my job the end of this year and so started to apply for my local bank loan modification. several questions here:
I have total 8000$ savings and most of in a forex account (foreign currecy exchange). I didn't see anywhere to put this information in the financial assessment form. Should I list it in the form as a other item? if I do, will it affect the approval? or maybe will affect the processing time since they might think I can use that money support a while? if yes, I would rather use that money to buy something before submit the application.

I also might get anohter job in January or Febrary. will the application be processed quick enough before I really got that new job?

[imlars]

Originally Posted by duhecong

I am going to lose my job the end of this year and so started to apply for my local bank loan modification. several questions here:
I have total 8000$ savings and most of in a forex account (foreign currecy exchange). I didn't see anywhere to put this information in the financial assessment form. Should I list it in the form as a other item? if I do, will it affect the approval? or maybe will affect the processing time since they might think I can use that money support a while? if yes, I would rather use that money to buy something before submit the application.

I also might get anohter job in January or Febrary. will the application be processed quick enough before I really got that new job?

I would conveniently "forget" about that savings. It depends on who your servicer is as well as who the investor is on your loan, mod's are taking anywhere from 30 to 120 days right now. If you haven't defaulted yet your mod request will probably sit in limbo until you do. Some servicers require the client send in paystubs and bank statements every 30 days so they will be keeping tabs on what you make during the whole process. Don't buy something with that money, stash it somewhere because no matter what the lender tries to make you believe mod's are not free, there will be a contribution amount, or down payment, required. It depends on how delinquent you are. Unfortunately, sending in your application while you still have a job will not help you unless you can provide proof that you will be losing your job and are in imminent default. Again imminent default cases oftern sit until the client is in default.