A trial loan modification is generally an introduction of a mortgage loan modification in the trial phase.
It is a period of giving the homeowner an opportunity to show how well they can follow their new mortgage payments, and is usually a pre-cursor to the actual modification or long term fixed payment.
A lot of time and resource has been put into getting a homeowner to this point.
The trial period is just for a few short months.
The homeowners financials were carefully analyzed and weighed in the final decision of granting a homeowner the chance to show that they now have the ability to follow a rigid loan modification proposal.
Pay checks, tax returns, other financial contribution, unpaid principal balance, property taxes, property insurance, hardship letters, tax release forms, property occupancy status, state laws, housing debt to income ration, the origination date, how many previous loan modification has the borrower had, signed affidavits of hardship, pay stubs, property value, net present value are evaluated; they all make up most of what is required in order to successfully complete the loan modification process.
The loan are targeted for a fixed rate fully amortized loans.
It is important for the homeowner to try to follow the terms of the loan modification as closely as possible once offered.
If a mortgagee fails to complete the trial period, that shows that the may not be prepared for the real modification if they can't complete the trial.
It's important to send in the 1st payment and all of the trial payments on time with all required items if any in a timely matter; so that the offer is not rescinded.
Once the 1st payment is made do some follow up with your lender to make sure that everything is going smoothly and there is nothing still missing.
If there are any problems, such as missing or out dated information that is required to continue with the loan modification then try to full fill those requests as soon as possible that way you don't mess up your opportunity for a lower mortgage payment that did not require refinance to lower your payments.
Remember a mortgage loan modification is privilege not a right.
If you are given an offer that seems moore attractive than your present mortgage terms as in a trial modification, then take it and follow through with it's requirements.
Remember that just because you were offered the assistance does not necessarily mean you do nothing else.
You may need to do some additional tasks to complete your requirements in order to fulfill your terms to cement that trial offer into a permanent new lower payment.
Isn't that what you are looking to do anyhow, so do it and done with it.
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