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Originally Posted by dasani  Of course the lender wouldn't drop it to the lowest that you possibly can get |
I guess I thought lenders that participate in the "Making Home Affordable" program
must follow a predetermined protocol to bring down the monthly payment to 31%. I thought the lender must lower the interest rate (to a minimum of 2%) to lower the monthly payment to 31%. I didn't realize they could do whatever they wanted.
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Once you do a loan modification ... you cannot do another one even if you find another company that can give you a better modification
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Are you saying I cannot do another refinance at a later point if I do a modification now? I don't see how BofA prevent another lender from paying off the loan. I didn't see anything in the fine print but I should re-read the agreement just to be safe. In any case, I'm upside down on the mortgage, so refi isn't likely any time in the near future.