Quote:
Originally Posted by 2much2pay  Hello LHarvey,
I was wondering if you or anyone in here could help me figure out some numbers? My account has been messed up and I am just now noticing it. Actually I started noticing it when I couldn't keep up with the payments in March. Right now BofA is trying to fix my account and I want to make sure that everything will be correct.
I have a 20 year loan. My account saysI have 18 years and 2 months left. Balance is 110,321. I asked the rep once the account is fixed will the balance go down because my account is not reflecting 2 plus years of payment. She told me no balance will remain the same. All we are correcting is the loan date and the maturity date. They had my loan starting in May '07. My concern is, will the balance change? How do I figure out the numbers?
I signed the papers in June '04. My loan was the 2/1 buydown. 1st year rate 5.25, 2nd 6.25, 3rd and locked is 7.25. In 2008 I had a partial claim and got interest reduced to 6.375.
Please help me figure out my balance. I was denied a modification in June because I asked about the inaccuracies of my account. Until my account is correct they will not be able to work on my file. Thanks in advance. |
2much2pay, I can't really follow the course of events based on this post. I understand the concept of the 2-1 buydown with FHA. But I'm not sure what the terms of your partial claim were. Are you making payments that are being held in suspense? I'll bet that there are some limits on whether you can receive a modification with the partial claim in place.
What inaccuracies are you talking about? The balance not changing, or something else?
Depending on when in 2008 you got your partial claim with interest reduction, 6.375% was possibly a good rate for the market at the time. Of course, when you look at rates now, it seems "bad", but it really isn't.