As you will see in this recent news broadcast its important that you are aware of exactly what your lender is offering and the terms of that offer. In most cases the customer service representatives at your lender are telling you one thing and their foreclosure department may be telling you another thing. The trial loan modification should be put in writing for you. If you are provided a verbal agreement you must request that it be put in writing and that the exact terms of that trial modification are spelled out.
With the recent debacle surrounding robo-signing of foreclosure notices its very important to ask your lender where you are in the process of foreclosure or default. There are also many sources for you to check the public record yourself online to see if a notice of default has been filed, which in some states is the first step in the foreclosure process.
Remember that if you are not making payments during your loan modification application period, it is likely that your lender will require you to get caught up on some or your payments when they do offer you a trial loan modification. Be prepared for this and make sure to have at least a couple of payments saved so you can enter into the trial loan modification agreement when it is offered.
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