Upside Down Mortgage

Loan Modification Approvals

Question: Mortgage modification approved!!!yes!!!!!?

Ok so I have a 80/20 loan and got the approval letter for the 20 a week ago...my payment is dropping from $255 to $184...and just got a phonecall today for my 80 saying that was approved as well and they sent me the packet and will receive it in next few days. I called and asked them what they did, and they said suttin about a trial period. What does that mean?? Well anyways, I have gmac and been tryin to get this mod for months!! After 2 denials I finally got it approved!! This is an example of not giving up! If they deny you continue pursueing it!! Worked for me and I hope it works for you!!

Answer: It probably means that they will continue with this modification as long as you make the payments on time. Sometimes people will get a loan mod to restart the foreclosure process meaning they can live in the house for another 6 months for free. The trial period is to stop that from happening. Congrats!

Loan Modification Approval: Things You Need to Do

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