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Under the fed gov mortgage modifications program, how long do the banks have b4 you get an answer?

We went to the bank for modification, after our ARM went up $300.00 a month. I have been unemployed for 18 months and we are not behind in payments. We knew that the added expense would not be affordable. We applied in May and have been told every week since then that an answer is being considered and to call in the next week for an update. How long do the banks have before you get an answer? We will be in default if we do not hear from them soon. Our savings are almost gone!
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July 30 2010 - McHenry
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If they are participating in the new HAFA program, I think it is 30 days, but you are really at their mercy..
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July 31 2010
Banks don't have a time frame.  The best thing to do is keep your income documents and modification forms updated (at least every 60 days) with the bank since they will not blink to drop your case if you don't have the forms updated.  Just keep calling the bank and keep waiting unfortunately the HAMP program biggest drawback was not setting a time-line the banks need to follow.   Click on my name and follow MY BLOG for updated news on the Loan Modification Front and Real Estate Industry!

Good Luck!
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July 30 2010
 
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Under the fed gov mortgage modifications program, how long do the banks have b4 you get an answer?
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July 31 2010 | 2 answers
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