QUESTION
Is it legal for a mortgage company to put me on a 3 month trail without any documents?
Asked on Mar 19th, 2013 on Foreclosures - Washington
More details to this question:
A mortgage service company put me on a 3 month trail that starts in April. I have not received any paperwork and I only found it out yesterday when I called them. Is that legal?
6 ANSWERS
It sounds like they are doing a trial loan modification. It would of course be bet to have documents, but you can?t force them to do a trial. I suggest that you make the payments while requesting documentation. If the loan modification goes through, you definitely need documents to establish the new terms and conditions of the loan (principal amount, interest rate, etc.)
Answered on Mar 21st, 2013 at 6:34 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You have every right to pay as agreed. You can either pay the regular contract rate or the modified amount. If you are thinking about modifying the debt you might meet with a counsel at www.MakingHomeAffordable.gov.
Answered on Mar 19th, 2013 at 3:57 PM
No documents are necessary.
Answered on Mar 19th, 2013 at 2:19 PM
No rules but letting you know in a few months they will say no without explanation.
Answered on Mar 19th, 2013 at 2:19 PM
Civil Litigation Attorney serving Federal Way, WA
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Stasch Law LLC
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It is customary under the government Home Affordable Mortgage Programs to required a Trial Temporary payment plan in anticipation of a permanent loan modification. But, only after you have submitted a HAMP application and gotten a written response. You should have received a letter outlining the terms and conditions of the trial payment plan.
Answered on Mar 19th, 2013 at 2:19 PM
1 Award
Yes, the lender is not obligated to do a modification, so they are entitled to put you on a trial period before they commit to a modification. But try to get them to confirm by email that if you make the trial payments they will modify your loan on terms that you can live with spelled out in the same email.
Answered on Mar 19th, 2013 at 2:19 PM