I have a freddie mac loan, service thru HSBC. My question is i am going to apply for a HAMP mod. and i was wondering if they always have to give you a trial period first, can they just modified the loan without the 3 payments or more of the trial.
What i am afraid of is that during the trial period they will foreclose anyway and only gave me the trial so that they would have at least some money coming in while waiting to foreclose. I think some of the them do this, but i don't know if Freddie mac is that way.
Also, i have not miss one payment yet, but am now going to miss my first payment starting in may 2011. Should i ask for the Modication at once or wait until i miss 3 payments.???
Thank you for any help.