Loan Modification - Mortgage

[simon2020]

Has anyone been approved for a loan modification and the loan negotiator told you inorder to have the new loan mod approved, you will need to have court approval and the judge/trustee must agree to the terms.

In my instance, they changed my interest rate and now I am in a fixed loan vs a adjustable loan.

My understanding is my attorney needs to file a motion.

Any information or experience in this subject would be most appreciated.

BTW, if you went through this process, how long did it take you to get a court date and have the court sign it off?

Thanks.

[justbroke]

Yes, you need to file a Motion as any modification without permission would be a violation of the automatic stay. Some lenders require that they be granted Relief from the Automatic Stay in order to do this.