re: Help me understand the mortgage forbearance agreement

quote:

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The only other option is loan modification they call it. This is basically a refinance and a new agreement. They have to come to a house do a inspection and draw you up a whole new mountain of paperwork to sign

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That happened to me back around 2009 or so when I went through a rough patch. They offered me a loan modification and reduced my interest 2% points and added the past due back to the principle. I took it but it was a huge mistake. They immediately sold my to some really crappy service company, Ocwen, and I never could get someone that knew what they were talking about. They couldn't give me a pay history and always considered my in collections, even 4 years later of On Time payments. It was really tough to get away from them.