I have asked for a loan modification – I want my rate reduced. My payments have always been made on time and I always make the full amount of P&I. I recently requested for a loan modification. My bank got back to me and asked me to sign a Special Forebearance Agreement for payment plans for the next 3 months, to allow more time to review to see if they can modify. Has anyone experienced this before? Do they usually come up with a modification after the 3 month period? Also, will this Special Forbearance hurt my credit report, even though I have never been late or missed any payments? I want to make sure the Forbearance will not show up on my report once it’s done and over with. Thanks.
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December 24th, 2009 at 9:34 pm
I’m going through the same thing with my mortgage company (Chase) and I just got my paperwork yesterday. I was kind of hoping to find out some information myself. I have to have the same 3 month “trial period”. Will your payments be any chaeper during the 3 months?
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December 24th, 2009 at 10:11 pm
I’ve received a newsletter sometime ago about “60-MINUTE Loan Modification “. They give good tips what to do, you may want to check at this http://tinyurl.com/60-MINUTE-Loan-Modification
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