If you've been working on modifying your home loan and your bank has offered you a trial loan modification, you may be confused about what has taken place. There is no need to be! A trial offer by a bank is simply their way to see if a borrower is likely to make the payments under the new terms of the loan. The trial phase also gives the bank, and you, time to complete all the required paperwork in order to make the modification permanent.
While there's no need to worry if you've been offered a trial loan modification, there are some things that are important for you to know. The most important thing to remember during this phase is that before permanently changing the terms of your mortgage, the bank wants to be sure that you are going to make your new payments in a timely manner. For this reason, it's extremely important that you make all of the payment on time!
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It's also worth noting that many banks have reported not being able to offer borrowers permanent modifications because required paperwork is not completed. On the flip side, many borrowers are complaining that their permanent loan modification was not approved because the bank lost paperwork that was submitted. Whatever the reason, many of these trial offers are not made permanent. The good news is that there are lots of things a borrower can do to ensure their changed loan will become a permanent solution.
The first and most important thing a borrower can do during the trial phase it to make all payments on time. One late payment during this time frame may ruin the possibility of a permanent loan modification.
Second, it's crucial that borrowers be sure to complete all paperwork that the bank requests accurately and completely. All applications and document requests by the bank should also be returned as quickly as possible.
To ensure that the bank receives all paperwork, borrowers should make copies of every document that's sent to the bank and, when possible, should send all documents at one time. This reduces the chance that anything will be lost or misplaced. It's also important to make sure that all correspondence is being sent to the correct person and department in the bank.
Last, it's important to remember that persistence pays off. It's wise to stay in contact with the bank employee who has been assigned to your case. Borrowers should take the time to contact the bank to make sure that all required documents have been received and completed correctly. Banks are overloaded with requests for loan changes and many don't have time to contact their customers when something is missing or incomplete.
A trial loan modification offer is nothing to be afraid of. It's just the banks way of making sure that borrowers will make their new payments and it gives the bank time to complete all the necessary paperwork to make the modification permanent. Vigilance on the part of the buyer will help to ensure that the new terms of the loan become a permanent solution.
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