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By Five Stars Mortgage | Mortgage Broker
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What To Know About Trial Note Adjustments

I had previously defined a Trial government loan modification as a temporary change in mortgage terms, and in general the temporary period is usually for three months before your florida loan modification is permanently modified. I also wrote that the permanent Note Workouts is usually not the same terms as the adjusted terms of the trial period. Also don’t forget that you as the homeowner must make all payments on time during the temporary period. No payments can be missed; else you default on the test time frame terms and will thus negate your ability to qualify for a permanent restructure, meaning you will be denied! So, it is very important to make those payments.

If you have been behind on payments and are just about to enter the initial part, you may find that you get a bill for double payments from your bank. It more than likely will reflect one for the default payment and also one for the payment for the first period , i.e. the trials first payment. If you find that this has happened to you, usually it is due to the lenders system not being fully updated. So, you first need to contact whoever is negotiating your modification to make sure that they have sent the lenders all the required paperwork for the trial part Mortgage Adjustments. So, don’t panic as a few phone calls will resolve the situation.

Keep in mind, it sometimes takes the mortgage companies two to four weeks to actually get their systems updated to reflect the changes discussed. So if you have called into your bank and find that the new terms are not reflected and the lending institutions on the other end has no idea what is going on, don’t worry. It is not that much different than a purchase loan when it comes to system updates. So as a precaution, you can always call your banks a few days before the first trial Loan Restructuringpayment is due to make sure their systems reflect the updates to the trial Mortgage Modifications.

Remember, you should receive trial part Note Restructuring papers to sign for the temporary time frame and usually this is prior to your first temporary section payment. Also, after you have made your third initial section payment, you will shortly after get word on the terms of the permanent Note Restructuring. You can also expect to get actual permanent loan modification paperwork to sign and notarize. If you do not get these papers, make a phone call to the person negotiating your Mortgage Adjustments. Sometimes these modifications are like “herding cats”, and they need added attention, patience, and extra phone calls so that nothing falls through the cracks.

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