Interesting Letter a Little too late

[OregonMom]

Guess if you are trying to modify your home loan you have to make no payments for 9 months, file bankruptcy, get forclosure notice, surrender the home and after you move out get a notice they can modify loan now. That is what my lender just did today. It is supposed to sell in three weeks and they now tell use they can drop the payments to $710 from $1032. Oh, well, we had a first, second and equity and didn't like the house and were upside down in it by $75,000 so I am glad we left it. But come on, sending a notice 3 weeks before foreclosure, pathetic!!

[jribe]

Guess if you are trying to modify your home loan you have to make no payments for 9 months, file bankruptcy, get forclosure notice, surrender the home and after you move out get a notice they can modify loan now. That is what my lender just did today. It is supposed to sell in three weeks and they now tell use they can drop the payments to $710 from $1032. Oh, well, we had a first, second and equity and didn't like the house and were upside down in it by $75,000 so I am glad we left it. But come on, sending a notice 3 weeks before foreclosure, pathetic!!

I understand your frustration with the timing. But for many people, it's better late than never! You have to remember that there have been a lot of banks/lenders that were having to wait for more details to come out on modifications under Obama's plan to do much.