There are many government programs to help borrowers keep their homes in difficult times, including Obama`s Mortgage and the FHA Home Affordable Modification Program or HAMP. If you`re lagging behind in your mortgages for an FHA mortgage, the information here is of particular interest to you. 5. Delayed payment. Make sure you receive your payment on the date set in writing in your trial payment plan. There are times when a lender communicates orally that you have 30 days after the due date in the plan in which the payment is to be made. This may be the case for some lenders, but most will tell you to put you in late payment during the payment period. It is likely that the payments you offer through the permanent loan modification will remain fairly stable if you receive a HAMP change or a partial FHA fee. It can be very different if you receive an internal or lender-specific change offer. The constant loan change that the lender will offer you through their program can have many different conditions.

Their offer may include extended durations, staggered interest rates, hot air balloon payments. You need to make sure that you fully understand the terms of an offer before deciding to accept it. If possible, have it checked by a lawyer. Q. Is there any chance that I won`t have a permanent credit change after the trial payment plan closes? ¬ęThe borrower must suspend and/or terminate the enforcement action, as required by the state. In the event that the borrower does not make a necessary payment under a TPP, the borrower must verify that the borrower is using other appropriate loss reduction options before dealing with or prosecuting a forced execution. HUD offers an automatic 90-day extension to the mortgage borrower to begin enforcement or resume it or launch another loss reduction option in the event of a failed TPP. A: A trial period would only come from your mortgage business (the company on your monthly mortgage credit bill) or from a mortgage investor (such as Fannie Mae or Freddie Mac). If you do not recognize the company making the offer, call your mortgage company to make sure the offer is legitimate. 2. Sending payments in the wrong format. The trial payment plan indicates the correct format in which the lender requests your payment (i.e.

a cheque or payment order). You must ensure that you strictly follow these guidelines, as this may lead to your payment being refused and not applied to your account. Q. If the lender has not made a permanent change after three months, should I continue the trial payments in accordance with the plan until a permanent change is made? There is a lot of different information that won`t be part of the trial payment plan, because it`s just a test of your ability to pay. This is a step in the lender`s process to find out if you are able to get out of the norm before they take the time to create the final credit change. Some of the information that is not included in the trial payment plan include: Send the payment to the wrong address. There are only 1 or 2 addresses (usually) to which payments can be sent and processed, although the lender can list several addresses. The address to which the payment is to be sent must be indicated in your trial payment plan, and it is probably different from where you sent your payments in the past. If you are confused about where to send it, call us and ask them. If you feel you are receiving conflicting information, you will receive the names and identification numbers of the employees and send them by authenticated email. It is essential that it is sent to the right place at the right time.