Mortgage Forum

Joel Fraser

Hello, I have a home loan with WAMU (80/20). The loan is behind by one year with the 1st and the second has been written off (I have received no formal notification, but told by WAMU rep). We completed the loan modification packet. I had to fax additional information in the process we started April 7th. Today (June 3) I received a fedex packet with documents to sign for a Loan trial period of 3 months with the first payment of $7880 due June 15th. My letter states that after 3 payments (made on time) they would reevaluate my application to consider a permanent workout plan. I am a bit concerned because after the 3 payments, the letter is seemingly stating they may not grant a permanent workout. My loan is already a stretch, and the payments are increased by 700.00 in this "trial period." I was hoping for a rate reduction to help me get on track. My loan was fixed previously in a workout, but the bottom fell out in our business, so we struggled again and now have "jobs" to gain our stability again. Any assistance or clarity in this "trial" situation would be most helpful.