Question: Please help, our bank has agreed to allow us to modify our mortgage. We received the letter and have been paying the new amount. however, every month they are asking for paper work, the same paper work we have already sent in. i.e. check stubs (mines specifically since I am the only one working). This is very odd to me and I'm just wondering how/why they would continue to ask for the same documents each month when we haven't had any changes... and we have been approved. This is very strange to me; my husband has continued to oblige their request.

Answers

Posted By: tcherr2 on Jan 16, 2010 05:56AM

A: Was this the trial period? Our bank sent us some mod papers and I am wondering if they will keep asking us? They are in the process of "drawing up the loan documents" is what they told us. They asked for a contribution amount towards the mod. Our mod lowered our interest rate. Just wondering if all mods have a trial period?

Posted By: LoanModMan on Jan 03, 2010 07:59AM

A: Was this a HAMP trial period modification? Are you still inside the 3 month trial payment period? If so they are required to confirm your income and expenses throughout the trial period. Many homeowners have been found to "state" lower incomes than they actually have in an effort to get a modification. In order to complete the trial modification and get it made permanent you MUST comply with the requirements to provide income documentation and it must be kept cureent (within the past 30 days). Many lenders are inundated and haven't been able to complete modifications inside the 3 month window. If that is your situation you have to complain loudly to someone up the food chain. Regards, Dan Harris ************************* Http://www.LoanModBook.com

Posted By: loanmodpro on Dec 21, 2009 01:52PM

A: Well this might be your lender's policy for their loan modification clients. This might be their way of verifying your income and eligibility (every month) which seems to be a bit of an overkill. Just to make sure this is not a mistake and/or an oversight, you can contact them and let them know about what is going on.