Loan Modification Forum - LoanSafe.org - View Single Post - Don't want to look a gift horse in the mouth

jlynsmom · 07-02-2009, 09:49 PM

Here's my success story. State of California employee pay reduction due to furloughs. I came across the loansafe website and in reading the posts discovered NACA. Contacted NACA and they submitted me to BOA for modification on 2/23. Received modification approval email early this month and the paperwork through FedEx today (7/2). Existing first loan is 5 years Interest Only, current rate 6.50, payment approximately $2600, principal approximately $399,000 - identical house next door sold 2 months ago for $275,000. NACA negotiated modification, 3.75 fixed for life of loan, PITI payment $2450. Only $150 more to go towards my other bills each month, but huge savings in reality because I am now paying principal. Way excited. Here's the thing... Modification paperwork indicates they are adding $4805.52 to my principal balance for interest and escrow, but I've never missed a payment as I have been borrowing from mom each month. My paperwork is due back and I know how slow NACA moves (because they are so busy, not complaining), so don't really want to bother them, but don't want to pay anything more than necessary given how tight money is right now. Also, don't want to slow down the modification process because I'd really like to pay the $150 less next month. Given the amount of money they are saving me in the long run, should I really care about an extra $5000 added on right now? Any thoughts or similar experiences?

07-02-2009, 09:49 PM	#1 (permalink)
jlynsmom Senior Member Join Date: Jun 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Don't want to look a gift horse in the mouth Here's my success story. State of California employee pay reduction due to furloughs. I came across the loansafe website and in reading the posts discovered NACA. Contacted NACA and they submitted me to BOA for modification on 2/23. Received modification approval email early this month and the paperwork through FedEx today (7/2). Existing first loan is 5 years Interest Only, current rate 6.50, payment approximately $2600, principal approximately $399,000 - identical house next door sold 2 months ago for $275,000. NACA negotiated modification, 3.75 fixed for life of loan, PITI payment $2450. Only $150 more to go towards my other bills each month, but huge savings in reality because I am now paying principal. Way excited. Here's the thing... Modification paperwork indicates they are adding $4805.52 to my principal balance for interest and escrow, but I've never missed a payment as I have been borrowing from mom each month. My paperwork is due back and I know how slow NACA moves (because they are so busy, not complaining), so don't really want to bother them, but don't want to pay anything more than necessary given how tight money is right now. Also, don't want to slow down the modification process because I'd really like to pay the $150 less next month. Given the amount of money they are saving me in the long run, should I really care about an extra $5000 added on right now? Any thoughts or similar experiences?