Quote:
Originally Posted by Poppy  |
No, the 2% is not a typo. It's fixed at 2% for two years. Once the two years are up the rate will go back up to 13.6 unless we can refinance or get another modification. The underwriter was not ready to offer us a long term mod. The closer explained that they really don't like modifying the term unless the situation is dire. He also told me that they can't modify a long term mod more than once but they can modify a short term mod as needed. So, his advice to us was to take the short term mod and then reapply for a long term mod in two years (that is, if our situation has not improved by then).