loan modification

[StEt0417]

For those who were approved for a loan mod how soon after you got the approval did you have to start your trail payments? The following month, immediately? We just got the word ours was approved but havent heard yet when we start our trail payments. I curious if they will want one due in two weeks (Jan 1) or Feb. 1.

[justbroke]

I did not do trial payments. I did my modification while my Chapter 7 (converted case) was pending discharge. I did, however, need to pay down my escrow balance which was about $4K. I had no problems doing that and my modification was instantly approved without "trial" payments.

I think trial payments are dumb if the person has either discharged or will soon discharge the (promissory note) debt. It is my belief, that most banks do this "trial" period just to get more money from the debtor when the debtor does not even need to pay! That's just my belief and feelings on the subject with regard to discharge mortgage debt.

[Jf24]

I was wondering this too. My settlement conference for the mod is in the middle of feb. I'm also wondering if you know if your approved right away or have to wait and see.

Was yours a settlement conference or just a straight modification?

[justbroke]

Mine was done as a straight modification.