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scarlett
Dud?


Joined: 06 Feb 2009
Posts: 2
Location: taxachusetts

Loan Mod / Credit reporting
PostPosted: Fri Oct 30, 2009 8:22 pm Reply with quoteBack to top

I just received my package from my bank about a loan modification. Everything in the package is what I expected with the exception of the following. Listed under Important Progream Info.

Credit Reporting. During the trial period, we will report your loan as delinquent to the credit reporting agencies even if you make your trial period payments on time. However, after your loan is modified. we will only report the loan as delinquent if the modified payment is not received in a timely manner.

First: is this legal

second: if they report the payments as delinquent during trial period, ( 3 months) and I dont make a payment on time after that then they can start forclosure immediately, cant they?

I am current on my mortgage.

Any attorneys have an answer.
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Re: Loan Mod / Credit reporting
PostPosted: Thu Nov 19, 2009 5:41 pm Reply with quoteBack to top

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scarlett
Dud?


Joined: 06 Feb 2009
Posts: 2
Location: taxachusetts

Re: Loan Mod / Credit reporting
PostPosted: Sat Nov 28, 2009 7:33 pm Reply with quoteBack to top

Is that language I should be looking for in the modification offer? The mortgage currently is up to date. No NOD or Trustee sale taking place. I am trying to get a lower payment do to a loss in income. That is the only reason I am considering a modification.
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jacobbon
Dud?


Joined: 29 Jul 2010
Posts: 5
Location: 15111 N. Hayden Rd. Ste 160, PMB 353 Scottsdale, Arizona 85260 United States

Re: Loan Mod / Credit reporting
PostPosted: Fri Sep 03, 2010 7:08 am Reply with quoteBack to top

Mortgage modifications are intended for people struggling with serious debt problems. The modification means the mortgage lender is accepting less profitable terms. The lenders can't make special terms for every mortgage they hold so they only want to make the change if it is better than the alternative of having you file for bankruptcy or going into foreclosure.
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mtgbiz
Cherry Bomb


Joined: 02 Nov 2007
Posts: 116

YES THEY CAN
PostPosted: Mon Sep 13, 2010 6:08 pm Reply with quoteBack to top

IT'S LEGAL TO REPORT LATE CAUSE YOU ARE NOT PAYING YOUR CONTRACTUAL AGREEMENT. ALSO EVERYTHING COMES WITH A PENANCE. YOU ARE NOT LATE SO THE BANK WILL REALLY GIVE YOU A BOTTOM OF CHAIN DEAL. IT'S A NEW CONTRACT THAT THEY ARE DOING ON THEIR TERMS. REMEMBER YOU DON'T HAVE TO TAKE IT, BUT DO WHAT' S BEST FOR YOU. DON'T EXPECT MIRACLES THOU AND IN THIS CASE AN ATTORNEY CAN'T HELP.

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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Re: Loan Mod / Credit reporting
PostPosted: Mon Sep 13, 2010 7:41 pm Reply with quoteBack to top

Please do not type your entire post in CAPS. It is the cyber equivalent of yelling and really not necessary or appropriate.

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"A signature is a little text that can be added at the bottom of your posts." Folks who know ME know... I can't be limited to "a little" text. Twisted Evil or Snarky
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