Loan modification

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Vavouna1

LoanSafe Member
Feb 24, 2017
14
3
3
56
I have been impacted by the pandemic and was placed on a forbearance plan which has ended. I reached out to my mortgage servicer in hopes of receiving a loan modification.i received a letter saying SPS trial modification under the servicing agreement governing this account, the requested assistance option was not available, and SPS was unable to approve your request. What does this mean and what should I do? I am so scared of being kicked out. Thankfully I am still employed but my husband's hours have been significantly reduced..please direct me with some knowledge and steps I should be taking...I will fight for my house until the very end. Thank you.
 

Katneedsrefi

LoanSafe Member
Sep 25, 2015
16
0
1
50
Will your bank not let you put the missed payments on the back end of the loan? Also there is now a moratorium on foreclosures through or at least until June. Can’t remember if it’s through or until.
 

isisis

LoanSafe Member
Jun 22, 2010
1,839
258
83
North bay
I have been impacted by the pandemic and was placed on a forbearance plan which has ended. I reached out to my mortgage servicer in hopes of receiving a loan modification.i received a letter saying SPS trial modification under the servicing agreement governing this account, the requested assistance option was not available, and SPS was unable to approve your request. What does this mean and what should I do? I am so scared of being kicked out. Thankfully I am still employed but my husband's hours have been significantly reduced..please direct me with some knowledge and steps I should be taking...I will fight for my house until the very end. Thank you.
Depending on that extent of Covid's impact on your ability to make payments you might be able to fight for your home using contract law. The reason is forbearance isn't really the appropriate response to non performance in the event of a pandemic. A pandemic is under the category of an "act of God" it excuses performance.

Here's some information on the topic.