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I am doing a loan mod and the bank can STILL foreclose?
I am running into alot of situations, and I would like to address in a small way. The first is for those people who are behind on payments and currently in the loan modification process. Please understand that just because you are in the loan modification process, your obligation to pay your payments DOES NOT STOP. Most people think that because they are working with the bank (and hopefully the bank is working with them.....hahahaha) foreclosure proceeding are on hold. NOT TRUE! Once the foreclosure time line starts the banks DO NOT normally halt that process. So what is the big deal? Once my loan modification is approved its all good right? Well WHAT IF YOUR LOAN MODIFICATION IS NOT APPROVED? The bank is that closer to foreclosing on you thats what. You need a plan "B" if you are in that situation. You need to look at options, such as short sale etc.....This also applies if you are in a TRIAL PERIOD on a modification. The trial period (in most cases) has no bearing on whether your loan modification will be accepted or not. At the end of the trial period if you were already in the foreclosure process IT ... more
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