In light of the recent and ongoing residential foreclosure crisis, the use of loan/mortgage modification agreements in the mortgage industry has become commonplace. However, homeowners will often believe that they have executed a binding loan modification with their mortgage lender, only to discover that the lender is continuing with the foreclosure of the home. Many loan modifications, particularly those under the HAMP program, start with a borrower making three payments to the lender under a three-month trial period plan. So long as the borrower makes three on-time payments during this period, the modification is supposed to become permanent (assuming you still meet the eligibility criteria). When a servicer promises to modify an eligible loan, homeowners who live up to their end of the bargain expect the servicer to keep that promise. Oftentimes, that does not happen. For example, the lender will rely on some language buried in the agreement to seek to force you to sign a new permanent mortgage agreement well after you signed the first agreement because the made a mistake. Many homeowners who have successfully made their trial mortgage modification payments on time have been unable to get the servicer to make the modifications permanent.
If your lender fails to provide a permanent mortgage modification agreement after you have entered into a Trial Payment Plan, call us for a free evaluation of your case.