Archive for the ‘loan_modification_help’ tag
Home Mortgage Modification Programs
Going to try the Home Affordable Modification Program Trial Period do I need to try & pay my past due payment?
I am entering into a Home Affordable Modification Program – The trial period is 3 months and then if I make my payments timely it will become permanent. Right now I am one payment behind in my mortgage. If I am not able to catch up that payment, will it be added to the balance of the loan? This is what the paperwork says “Any difference between the amount of the trial period payments and your regular mortgage payments will be added to the balance of your loan along with any other past due amounts as permitted by your loan documents.” Does that sound like they will just add it?
I know I can’t have one month free, just wanting to know if I need to try and come up with the payment before I enter into this Modification Agreement or not.
Yes it will be added. You are not entitled to have the house for a month for free.
Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification
