Waiting for loan mod- recevied Forebearance offer??

[parrothead2009]

Hi -

I was laid off 5 months ago and found a new job for about 30% of what I was making before. My husband and I have cut back every place we can but we cannot afford our mortgage (6.75%) We are 4 months behind in our payments and have tried to get a loan mod with Indymac. We even retained a company to help us although we are not relying just on them...we call every week ourselves.

Our loan mod was denied the first time back in May. They said that our investor wasn't doing mod's (our investor is Fannie Mae and they ARE doing mod's.). We resubmitted our package and after weeks of re-sending the same paperwork (stall tactic I believe), they finally have everything.

Yesterday we received a Forebearance offer in the mail... we were excited until we read the part that says if we agree to it we have to agree to their terms for a loan mod "if" they do one. The Forebearance plan is 1/3 of our monthly mortgage- something we CAN afford and it would at least give us 6 more months to try and work it out.

Do we take it?

[nitag]

Welcome Parrothead to the forum.. Hang around and I am sure one of the moderators will get back to you soon..


Anita

[Evan Bedard]

Hi parrothead,

Its really up to you, but I would suggest you take the offer because most lenders are offering a forbearance plan/trial period before they will consider a permanent modification. This should allow you to catch up and also save quite a bit during this time...