Ok- so you finally got your lender to cooperate and offer you a loan modification.
Here is the timeline for making your loan workout permanent:
- Approved for Trial Modification
- Make 3 monthly payments of the new lower payments
- Permanent loan modification papers sent to you for signing in front of a notary public
- Send permanent loan modification papers back to your lender
- The new modified terms are now your permanent loan terms-you are done!
Don’t rely on your lender to send out the loan modification papers without following up regularly. The other thing to consider is where to apply for a car loan as some places are more willing to loan money in this current market.The first thing to do is get yourself ready to qualify for a loan. If you have bad credit it is going to be very difficult to qualify for a conventional automotive loan. A terrific place to get money is with a credit union.