Hey...I'm hoping someone can shed some light on my situation. We had a balloon mortgage that came due and because of our poor credit we couldn't refi it. We also couldn't modify it since it was mature. We were facing foreclosure so we filed chapter 13. Our attorney said he would try for a modification and sent in our packet. On Friday we received our denial letter because the loan has matured. We contacted the attorney to find out what our next step is and she told us that she spoke to the lender and we have been approved for a loan workout renewal but the terms haven't been determined and the attorney is to follow up on Tuesday. Does this mean the lender is renewing our loan? Is a loan workout renewal something different from a modification? I guess we'll find out more on Tuesday but I'm nervous wondering what it means.
Thank you in advance for any insight you may have!
Thank you in advance for any insight you may have!