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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Mortgage modification

Real Estate Home Mortgages - Mortgage modification

Expert: Eric Forster - 6/30/2009

Question
The modification answer is taking a long time, If I miss a payment while waiting
for GMAC to get back to me will this mess up the application process. I am
going to have trouble meeting my next mortgage payment

Answer
Cynthia,

The Home Affordability Modification Program does not punish you for being late with your payments. I assume that your modification request is being done through this government program.

Here is what's going on: the government is forcing the lenders of certain loans (most Fannie mae/Freddie Mac loans) to agree to modify the loans of borrowers who meet certain requirements - regardless of their payment history.

All the best,

Eric

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here