The first payment of a loan modification depends very much on the lender and vary from one month after the agreement and sometimes two.
The reason the first payment vary is because peoples situations are not the same and these factors are taken into consideration when the loan modification specialist negotiate the new terms. Generally the first payment is due one month after the new loan has been signed because it gives the person chance to get the funds together to start the new repayment schedule.
The date of the payment is calculated from the time that loan modification service became valid. When you embark on negotiating a loan modification it needs to be serviced with as little problem as possible and in this regard some companies will even consider two months after the loan becomes valid.
No payments during Negotiation
It is important to note while the loan modification consultant is negotiating the new loan which can take up to three months there are no payments which allows the person to accumulate the funds to start paying once it is all in place. Using Loan Modification Depot and companies similar will be able to assist with delaying the payments as long as possible.
The great aspect being that once the new loan is in place the repayments will be less on a monthly basis making whole process more manageable for the borrower.
Loan modifications are in place to assist the home owner to salvage their home from foreclosure and allowing them to pay back the loan with a different set of rules. There are loan modification experts who are able to assist you through the negotiation process and ensure that the rescheduled payments are within your capabilities. The delay of one or two months will make that easier for the borrower and secure the home.