Loan Modification Trial Period with Bank of America

by Gamia
(Sacramento, Ca)

I am $33,000. behind in payments and fees. I have a sale date 1-20-2011. Underwriter did approve me for loan modification trial period. Loan is with Quality Control. I am very nervous about sale date. Bank of America said I could request a new date if they have not reached a decision 14 days before schedualed sale. Do you think I am just being strung along?


Mortgage Loan Modification Answer:

Congratulations on being approved for a trial loan modification. Yes, it's a bit nerve-wracking waiting for confirmation especially when you've got a foreclosure trustee sale already scheduled in the very near future.

Keep contacting your bank everyday for an update on your trial loan modification agreement documents and confirmation until you have the signed written agreement in your hands. Verify the terms and conditions of the agreement and make sure it is what they promised.

Yes, it is true that the foreclosure trustee sale can be postponed by the bank through instructions to the trustee to do so if they have not yet completed the approval process by the time the trustee sale comes around. By law, they have to postpone or extend the trustee sale if your loan modification is in process.

But since things can go awry and things can fall through the cracks, you will want to be on top of things if your trustee sale date is coming too close and the bank has not issued a trial modification agreement or a trustee sale extension. You will need to push for the trial mod agreement first, then a trustee sale extension if needed.

All the best of luck to you. Please come back and post again if you have any further questions.