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Could my bank decline my loan modification after the months trial time?

Riverside, CA |

I am approved for loan modification, but I have to stop making mortgage payment for 3 months. After 3months trial priod, the bank will officially reduce my mortgage rate. What if they decine me , after 3 months. Is there any grantee that I'll be approved.i if they don't approved me, then who would be responsible for my credit score?
Please advise. Thank you so much.

Attorney Answers 2


If you are being told to halt your mortgage payments by a third-party assisting you with the process be careful. Do not spend the payments. It is true that mortgage companies are less likely to consider you for an in-house modification if you are current. Under the government programs this is not true.

The mistake many people make in attempting to "artificially" qualify for a modification is to spend the money. When they are denied the modification for whatever reason they are faced with foreclosure and do not have the money to become current.

If you are seeking the modification under a government program then contact a HUD counselor and run all the information you are receiving past them for a second opinion. Remember don't spend the missed payments.

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Mr. Merna is licensed to practice law throughout the state of Virginia with offices in Virginia Beach and Newport News. He has almost exclusively practiced consumer bankruptcy law for the past 15 years. You can contact him via his website (

This answer in no way creates an attorney-client relationship. The answer is not a complete answer and requires additional facts in order to provide the best options. The submitter accepts the risk of relying on such an incomplete answer and waives any claims of damages for doing so. As stated in the answer the submitter should contact a qualified bankruptcy attorney is discuss these issues further before any action is taken. Any action taken without advise and counsel of a qualified attorney is inadvisable.

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I am approved for loan modification, but I have to stop making mortgage payment for 3 months.
Who approved you? What sort of approval? It sounds like someone's been selling you a bill of goods... the federal loan mod programs all require that you be up to date... Call the bank holding your note to find out if this is legit. And I bet it isn't.

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My own bank is doing the modification. The bank told me that I was iteratively apprrove, but I have to go through 3months trial period. Is that ok? I mean not paying my mortgage for 3 months. Please advise. Thank you.

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