Modification to extend maturity date

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dksnj

LoanSafe Member
Dec 19, 2020
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1
The maturity date on my loan is Feb 2021. There will be a balance due of ~$18K. I have been in contact with my mortgage company for the past six months inquiring about extending the term of the loan. I was initially told back in June to submit the online hardship form. I was denied because my loan was current and I was experiencing a financial hardship at that time. I followed up in early November and spoke to an account manager who was confident the maturity date would be extended out 5 years. He told me to resubmit in December (closer to maturity date), which I did a couple of weeks ago. Today in the mail, I received a copy of a BPO they did. I'm curious what this means? Is this a normal step in the loan modification/underwriting process?

If the modification is denied, any other options other than refinancing? I feel like I am cutting it close. Thank you in advance for any advice!
 

isisis

LoanSafe Member
Jun 22, 2010
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North bay
Ok, I'm a little lost here with the reference to your maturity date. In my state maturity date means the date of your last payment. So I'm not sure what you're talking about.

But I do understand the concern you feel about a modification being denied. An option you would have in that event is to reapply or to contest the denial. If they doesn't work and the refi doesn't work then you can contest their right to foreclose.
 

dksnj

LoanSafe Member
Dec 19, 2020
3
0
1
Ok, I'm a little lost here with the reference to your maturity date. In my state maturity date means the date of your last payment. So I'm not sure what you're talking about.

But I do understand the concern you feel about a modification being denied. An option you would have in that event is to reapply or to contest the denial. If they doesn't work and the refi doesn't work then you can contest their right to foreclose.
Yes, February 2021 is when my loan matures and my last payment is due. There will be a balance of approximately $18K, which is why i submitted paperwork to request my loan be extended so I can continue making monthly payments to pay off the $18K. I am wondering if the lender doing a bpo is a normal step in the loan modification process. The bpo showed market value 'as is' at $259,000.
 

Jzone

LoanSafe Member
Jun 20, 2017
219
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Yes, February 2021 is when my loan matures and my last payment is due. There will be a balance of approximately $18K, which is why i submitted paperwork to request my loan be extended so I can continue making monthly payments to pay off the $18K. I am wondering if the lender doing a bpo is a normal step in the loan modification process. The bpo showed market value 'as is' at $259,000.
So this must be a mortgage loan with a balloon payment at the end? This just could be the normal process with your lender, but now you are just 60 days away from that payment. If this doesnt work out with your current lender in the next week, I would look to refinance with another lender. If you have equity, it should not be a problem.
 
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