Trial Loan Modification

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When applying for a loan modification, the lender will start you off with a trial loan modification period

Your lender will give you a trial period of at least 90 days to see if you can make the new reduced payment on time before making the loan modification permanent.

Here are a collection of posts on the trial loan modification process and what to expect plus news items regarding the success and challenges of the trial modification program.

Trial Loan Modification Process

• Can I get a loan modification if all my mortgage payments are current?
• 10 FAQs on how the trial loan modification program works
• How does the trial loan modification work?
• What are the new HAMP rules for income verification for a trial loan modification?
• HAMP government program explanation, eligibility links, calculators and more

News Items on the Trial Loan Modification Program

• Cancellation of trial modifications affect over 122,000
• One in three homeowners fail to make their HAMP payment
• 14-percent of Wells Fargo trial modification customers fail to make all three payments
• Chase Bank approved loan modification for AZ homeowner and still foreclosed on home
• Chase Bank sold home at auction for $100 while homeowner was in trial loan modification
• Wells Fargo rejected loan modification after homeowner made five payments on her trial modification
• Wells Fargo gives borrower run-around for a year over loan modification
• Bank of America rejected loan modification despite mediation help
• Loan modification hurts credit scores to surprise of homeowners
• Loan servicers just looking for an excuse to deny permanent loan modifications
• Borrowers frustrated with loan servicers who repeatedly request paperwork
• Only 4-percent of home loan modifications are permanent

Don’t Be a Victim

With the challenges in getting even a trial loan modification approved, you should be pro-active with your approval process. This would include staying in control of the process (in other words, don’t give your money or power away to a loan modification company or attorney – who can’t guarantee you a thing) – and getting informed and educated on:

• What type of borrowers are getting moved to the front of the line and getting priority

• How to put together a loan modification package that will get approved quickly

• How to overcome stall tactics, rejection and denials the banks and loan servicers are using to run out the clock

• How to protect yourself from getting your home sold out from under you by the lender during the approval process and the trial modification process.

To help you get educated and protect your interests, please take a look at the recommended handbooks by the experts and authors of:

• Loan Modification Workbook (complete a package that gets approved and overcome stall tactics)

• Stop Foreclosure in a Day Using a Government Program (prevent a foreclosure from happening “accidentally on purpose.”

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