Modification

K

Kizzy

Guest
Hello my question is if your loan modification has been approved and u are sending in the final paperwork and your payment for February will not be paid till march 3rd will it be held against you will they cancel everything or will it go against your credit?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
1,000
48
Southern California
www.loansafe.org
Hello,

Often they will take that into account and adjust your mortgage balance accordingly so it should not affect you. But sometimes they make a mistake with dates and amounts which can lead to problems.

With that said, hope for the best and stay tuned to plan for the worst just in case the former occurs.
 
A

Ally in Philly

Guest
Generally, your payment must be made before the 30th or end of the month for that its due during your trial plan period. It sounds to me that like you may be in trial payment plan, especially if you are still submitting financial documentations. If that is the case, your permanent modification documents have not be finalized (notarized) by you and the lender. You can contact the lender and ask for an extension on the trial plan.
 

Michelle Rose

LoanSafe Member
Apr 1, 2020
1
0
1
Hi everyone,

I am still waiting to get approved and I want to apologize for hijacking this thread.

I got approved for a trial loan modification. The letter says If I fail to make the first Trial Period Plan payment by April 01, 2020, and we do not receive the payment by the last day of the month, in which it is due, this offer will be revoked and we may refer your loan to foreclosure.

My question is my first payment is due April 01, then May 01, and then June 01. According to what is stated above, does that mean I can make my first payment any day before May 01 without going into a default?

I read in one of the lawyer's site that sometimes lender says that's ok but they just want you to go into default.

I called Fay Servicing and they said that's fine but I don't really trust everything that they say.

Please advise.

Thank you,

Michelle Rose
 

Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
Generally, your payment must be made before the 30th or end of the month for that its due during your trial plan period. It sounds to me that like you may be in trial payment plan, especially if you are still submitting financial documentations. If that is the case, your permanent modification documents have not be finalized (notarized) by you and the lender. You can contact the lender and ask for an extension on the trial plan.
I concur. You do not have a permanent modification until you receive the signed paperwork.
 

Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
Hi everyone,

I am still waiting to get approved and I want to apologize for hijacking this thread.

I got approved for a trial loan modification. The letter says If I fail to make the first Trial Period Plan payment by April 01, 2020, and we do not receive the payment by the last day of the month, in which it is due, this offer will be revoked and we may refer your loan to foreclosure.

My question is my first payment is due April 01, then May 01, and then June 01. According to what is stated above, does that mean I can make my first payment any day before May 01 without going into a default?

I read in one of the lawyer's site that sometimes lender says that's ok but they just want you to go into default.

I called Fay Servicing and they said that's fine but I don't really trust everything that they say.

Please advise.

Thank you,

Michelle Rose
Yes as long as it is on time. Do not make it to early though or pay it ahead.