August 21, 2011

Temporary Modification? Fighting your way to the finish line!!

By Timothy Stull (

All lenders are notorious for offering temporary loan modifications.  Battling from the temporary program to the permanent modification finish line can be a very daunting challenge.  Here are a few tips to help you succeed.

1.  Never go past the trial payment period and proceed with payments.  NEVER.  I can’t stress this enough.  You need to get a new temporary offer in writing.  Lenders will use the temporary modification offers as a ploy to collect money.  You will be throwing money away without a written offer.

2.  Ask the lender how they have arrived at the payment figure they are quoting you on the temporary plan.  Challenge the underwriting process.  You need to make sure that “real” underwriting was done on your case.  Otherwise, the lender could simply be pulling a payment figure out of thin air.  They will never have any intention of making your modification permanent.

3.  Are you getting the long term runaround?  You may want to look into hiring an attorney.  There are certain legal clauses in the temporary modification contract that hold the lender liable for the long term.  However, lenders need to be forced to hold true to their initial “loan modification” promise.  Remember, the lenders designed these temporary agreements with many legal loopholes ~ so they can back pedal out of the initial offer.

The Fresh Start Legal Network offers a free in depth temporary loan modification review.  Feel free to call us at 877.297.7011.  Visit our site at

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