I can't speak to this too much since it is so specific to your situation but it is possible that you don't qualify for a repayment plan. Repayment plans get limited at 3, 6, 9, or 12 months so if your arrears don't comfortably fit into those time frames, they may not offer you one. I would suggest you consult with an attorney in your state about your options.
You need to ask that directly to your servicer! I want them to check your file and give you an answer that relates directly to your loan. Since some COVID exceptions might apply, it's best to ask them.
It depends on the circumstances leading up to the partial claim. If you used a partial claim to get current following a COVID Forbearance, they will likely limit it at one. If you had a modification with a partial claim before the pandemic and then fell behind as a result of the pandemic, it is possible to get approved for a 2nd one. You should ask this question directly to your lender as it relates to the specific circumstances surrounding your loan.
good morning attorney great video, how do you clear an issue with bank of America where they say there were discrepancies in the information and you have to reapply but every time they automatically default to this status? it's not even an official denial but they just send a letter saying you are no longer in review due to ".....reason"? any help would be greatly appreciated, thank you very much
Unfortunately, I wouldn't know how to answer this without having more information directly from the bank. I suggest you find an attorney in your state to look more in detail at your situation!
Thank you very much for your great information. I have a question please I am approved for loan modification and I pay my 3d trail payment on 1/3/2022 and I called the bank to check when they will send me the doc. for sign and they said it’s with the underwriter not yet ready. Do you have any information how long it take to send it to me? Thanks again for all your great videos
Hi Mohammed! Here's a good video for you: studio.th-cam.com/users/videocz9ZmjIHRqY/edit Once you make your 3rd trial payment, the lender has 30-days to generate your final modification documents and mail them to you. Call every 48 - 72 hours to make sure they're still being worked on. Once you get them, they will have instructions on how to execute them. It's normal that it's with the underwriters - those are the people responsible for preparing your final documents. Nice work making it through your trial!
A loan modification will likely change your interest rate. Loan modifications are new agreements where the lender takes your arrears and creates a new unpaid balance. They usually reset the terms (the maturity date and the interest rate) and the interest rate is usually set at the market rate. Right now, market rates are higher than before so if you modify now, you can expect your interest rate to go up. In a situation where interest rates are low and you're modifying, your rate might go down.
Does doing a payment mortgage recovery have a trial period? We already got our packet signed it and was brought current and never heard of a trial period.....
I recently lost my job of 17 yrs I have 10 years left on my mortgage about ($70,000.00) I am 3 months behind about($3000.00) I am currently getting unemployment I have FHA loan will my payments come done with modification….I currently can’t make original mortgage payment because of drastic reduction of income…. Shouldn’t May payments come down since with modification I have to start over again to 30 or 40 years mortgage?
Hello! You need to have a consultation with an attorney as soon as possible - those are too specific of questions related to your situation for me to answer over TH-cam. If you are in Washington state, let me know.
Hello! Yes, it can be if the borrower fails to meet certain terms and conditions as required by the lender as part of the process. Most commonly, loan modifications get rescinded when borrowers do not satisfy the terms of their trial payment plans.
I don't want another modification I just need a repayment plan but I got a modification a few months ago.
I can't speak to this too much since it is so specific to your situation but it is possible that you don't qualify for a repayment plan. Repayment plans get limited at 3, 6, 9, or 12 months so if your arrears don't comfortably fit into those time frames, they may not offer you one. I would suggest you consult with an attorney in your state about your options.
What about FHA
? How many loan modifications can I have over the life of my loan?
You need to ask that directly to your servicer! I want them to check your file and give you an answer that relates directly to your loan. Since some COVID exceptions might apply, it's best to ask them.
Good Morning, How many times can you use the partial loan modification with a FHA loan?
It depends on the circumstances leading up to the partial claim. If you used a partial claim to get current following a COVID Forbearance, they will likely limit it at one. If you had a modification with a partial claim before the pandemic and then fell behind as a result of the pandemic, it is possible to get approved for a 2nd one. You should ask this question directly to your lender as it relates to the specific circumstances surrounding your loan.
good morning attorney great video, how do you clear an issue with bank of America where they say there were discrepancies in the information and you have to reapply but every time they automatically default to this status? it's not even an official denial but they just send a letter saying you are no longer in review due to ".....reason"? any help would be greatly appreciated, thank you very much
Unfortunately, I wouldn't know how to answer this without having more information directly from the bank. I suggest you find an attorney in your state to look more in detail at your situation!
Thank you very much for your great information.
I have a question please I am approved for loan modification and I pay my 3d trail payment on 1/3/2022 and I called the bank to check when they will send me the doc. for sign and they said it’s with the underwriter not yet ready.
Do you have any information how long it take to send it to me?
Thanks again for all your great videos
Hi Mohammed! Here's a good video for you: studio.th-cam.com/users/videocz9ZmjIHRqY/edit
Once you make your 3rd trial payment, the lender has 30-days to generate your final modification documents and mail them to you. Call every 48 - 72 hours to make sure they're still being worked on. Once you get them, they will have instructions on how to execute them. It's normal that it's with the underwriters - those are the people responsible for preparing your final documents. Nice work making it through your trial!
Does a loan modification mean changing your interested rate? Or does just affect the payment?
A loan modification will likely change your interest rate. Loan modifications are new agreements where the lender takes your arrears and creates a new unpaid balance. They usually reset the terms (the maturity date and the interest rate) and the interest rate is usually set at the market rate. Right now, market rates are higher than before so if you modify now, you can expect your interest rate to go up. In a situation where interest rates are low and you're modifying, your rate might go down.
Does doing a payment mortgage recovery have a trial period? We already got our packet signed it and was brought current and never heard of a trial period.....
It doesn't have to! Some of them are going straight to permanent modifications so if that happened to you - that's great!
I recently lost my job of 17 yrs I have 10 years left on my mortgage about ($70,000.00) I am 3 months behind about($3000.00) I am currently getting unemployment I have FHA loan will my payments come done with modification….I currently can’t make original mortgage payment because of drastic reduction of income…. Shouldn’t May payments come down since with modification I have to start over again to 30 or 40 years mortgage?
Hello! You need to have a consultation with an attorney as soon as possible - those are too specific of questions related to your situation for me to answer over TH-cam. If you are in Washington state, let me know.
Can a loan modification be rescinded by the lender?
Hello! Yes, it can be if the borrower fails to meet certain terms and conditions as required by the lender as part of the process. Most commonly, loan modifications get rescinded when borrowers do not satisfy the terms of their trial payment plans.