Special forbearance payment plan

[Flowers]

has anyone heard of this?

I was unable to pay the 5600 $ that the bank wanted for the loan modification, and now i am going to be on a payplan. They are calling it forbearance instead of foreclosure and that it is a payplan that will ultimately lead to another loan modification.

[r.m]

In most cases, this means that they'll suspend any further foreclosure proceedings so long as you make the pre-determined payments according to schedule.

Once you've made all the payments on time, as promised, they'll put you in the cue for modification.

Depending on servicer and the investor, you may need to re-submit your financial docs at the end of the term for final mod review.

The only caveat is that I'm now hearing from a number of people who "got a modification" and when they tell me the terms, it's clear that they were NOT given a true loan mod.