QUESTION

I’m looking for some guidance. I live in Texas and I fell behind on my Mortgage back in November 09 due to medical issues. In January of 2010 I attempted to make two payments, which my mortgage company rejected. Once I learned of the rejection, I called hoping to set up a repayment plan. I was told that they could set up a repayment agreement but that I should apply for a modification under OBAMA’s Home Affordable Program first. Although this wasn’t my original intent, I submitted the requested forms and documents the next day, January 29, 2010 (based on their suggestion). I called back a week later just to be sure everthing was on track and requested a repayment arragement while the Mod was being reviewed. I was told that I could not be set up on a repayment plan, because my loan was being considered for Modificaiton. I called once or twice a week, with the same reponse, “no decision has been made”. Finally on March 6th I was informed after calling in that the mod was denied Back in early Feburary and that my home was now in forclousre with a April 6th sale date. I have not received anything in writing, I just learned of it during one my weekly calls, weeks after the denial. I am confused as to how it got to this point. I just wanted to set up a repayment plan. Besides paying the $10,000 plus now due to reinstate the loan, is there anything I can do?

ANSWER
A repayment plan will only be given to you after your loan is modified. The lender may reduce your interest and give you a new payment plan in order to clear off the mortgage dues. As the modification was denied, you did not receive a repayment plan from the lender. You need to contact your lender and once again reapply for the loan modification and check if the lender agrees to it.

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