What To Know About Temporary Note Workouts

I had previously defined a Trial obama loan modification as a temporary change in note terms, and in general the temporary period is usually for three months before your florida no doc loan is permanently modified. I also wrote that the permanent Mortgage Modifications is usually not the same terms as the modified terms of the trial period. Also don’t forget that you as the homeowner must make all payments on time during the initial period. No payments can be missed; else you default on the trial time frame terms and will thus negate your ability to qualify for a permanent restructure, meaning you will be denied! So, it is very important to make those payments.

If you have been behind on payments and are just about to enter the first part, you may find that you get a bill for double payments from your bank. It more than likely will reflect one for the late payment and also one for the payment for the first section , i.e. the trials first payment. If you find that this has happened to you, usually it is due to the lending institutions system not being fully updated. So, you first need to contact whoever is negotiating your modification to make sure that they have sent the lending institutions all the required paperwork for the first period Note Modifications. So, don’t panic as a few phone calls will resolve the situation.

Keep in mind, it sometimes takes the lending institutions two to four weeks to actually get their systems updated to reflect the changes discussed. So if you have called into your bank and find that the new terms are not reflected and the lenders on the other end has no idea what is going on, don’t worry. It is not that much different than a purchase loan when it comes to system updates. So as a precaution, you can always call your lenders a few days before the first trial Loan Restructuringpayment is due to make sure their systems reflect the updates to the trial Note Workouts.

Remember, you should receive initial section Mortgage Workouts papers to sign for the test part and usually this is prior to your first trial period payment. Also, after you have made your third initial part payment, you will shortly after get word on the terms of the permanent Note Adjustments. You can also expect to get actual permanent loan modification paperwork to sign and notarize. If you do not get these papers, make a phone call to the person negotiating your Mortgage Modifications. Sometimes these modifications are like “herding cats”, and they need added attention, patience, and extra phone calls so that nothing falls through the cracks.

he Note Modifications process can be daunting, lonely, confusing, and very lengthy. If you are frustrated and need professional help or support, we do have Attorneys that can handle your headaches. For additional help, please visit our website at www.CallALMS.com.