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  1. #1

    Trial Modification Question.

    My first mortgage is with Chase and is current. I applied for a modification as we are down to one income and having financial hardship. The trial payments given are about $400 less. However, we are unsure whether we want to go ahead with it (this was offered in June). We never signed and sent the trial paperwork back and I made my July payment on time for my full payment amount (not the trial amount). However, I just looked online with Chase and although I'm current and shows my last payment, if I go into the homeowner option section it shows that I made my first trial payment. Should I be concerned? Should I just let it go and see what happens? It may be that we will need to miss a payment or two and then catch up, so I wouldn't be able to make even the trial - but I do not want to screw myself by them thinking I accepted this trial offer and therefore I would not be eligible for a HAMP offer in the future. ??

  2. #2
    You have never been late on your mortgage payments?

    Are you looking for a better loan modification deal because the $400 saving is not enough? Meaning, you cannot afford this payment long term?

  3. #3
    We went thru the same thing about 2 years ago, one of us was unemployed, fell behind just under 90 days, caught up and have been fine since. Now same issue. We are current though and making our payments. We are 12 years into a 30 year mortgage and intend to stay in the house long-term so do not want to add years to our mortgage. If we can make our payment, we have wanted to. So we've been using some savings. We applied for assistance just to see what we would qualify for. They came back with a trial modification offer for $1,800 per month. However, I am sure that with that once the trial is over they would then of course add years to the loan. So I guess what I am saying is we would rather pay the whole mortgage as long as we can and even if we had to fall behind a few months and then get back on track, would rather do that then modify our whole mortgage and add unnecessary years for a short-term financial hardship. Does that sort of explain what I'm getting at? I just don't want them to consider we accepted this trial HAMP if it may screw me down the line if I needed to/wanted to apply again.

  4. #4
    OK, thanks for clarifying yourself.

    Normally years are not added to the loan term, but only missed payments and fees to the loan balance. I have seen many homeowners obtain 2 loan modifications over the years and just as many who didn't get 1 loan mod, let alone 2. The funky loan stuff seems to always surround loan modifications.

    There is nothing guaranteed in this process and the best way to make sure things go your way is to pay as agreed like you have been. If you think you will have a solution quickly in regards to the job situation, then it might be best to keep on your plan of paying this loan or becoming delinquent for a brief amount of time.

  5. #5
    I thought with a modification they extend your loan like 40 years total.


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