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!
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!