I been appoved for loan modifcation

[bigarmin88]

What is the name of your state (Florida)?

I been in forclosure since nov.2008,after 12 months of phone fighting and applying for modifcation and getting disaprove,I finally been approve for a loan mod.The moragage company offer me to have me pay my moragage for the next 3 months,then after 3 months,they will review my financial income and deturnment my payments after that I guest.They are only droping $300 off my reg.monthly payments,but better than notthing.My first question is,does this mean my house is not in forclosure no more??My 2nd question is if I make the payments a I dont miss a payment for the next 3 months,what happens next??.My moragage company is Wels Fargo.Thanks

 

[HUD-1]

It sounds like you are on a 3 month trial period. If you make all three payments, they will draft/sign/record the new Note and you will have completed the mortgage modification. The foreclosure should be off as long as you make payments as agreed.

P.S. It sounds like they are not making a guarantee of a mod, but that they will review your income after the 3 months...

 

[bigarmin88]

It sounds like you are on a 3 month trial period. If you make all three payments, they will draft/sign/record the new Note and you will have completed the mortgage modification. The foreclosure should be off as long as you make payments as agreed.

P.S. It sounds like they are not making a guarantee of a mod, but that they will review your income after the 3 months...

Thanks for the info,I hope I can keep my home.