Loan Modification Forum - LoanSafe.org - View Single Post

annejojo · 09-30-2009, 11:52 AM

After talking to the bofa negotiator this morning, I couldn't stop crying. Since April, I have been waiting patiently for a loan modification. I could not have reached this point w/out this forum and w/out all the people in this forum. Thank you! Contacting the OOP was definitely what sped up the process.

I currently have an arm at 5.5% which is going to end in one year. My negotiator gave me a 40 year loan at my current rate of 5.5% but for the first 5 years, it would be reduced to 2.5%. This is going to definitely help me today but I'm not sure 5 years out will be enough. I asked if it was possible to have the 5 years at 2.5% pushed out and she said the 2.5% was the lowest rate she could give me and 5 years was the max.

Today, I have depleted almost all my savings b/c of this house. The 2.5% will help me get out of debt, but 30 years at 2.5% would help me get back to where I used to be. Please let me what you think my next action should be? I know a few ppl have found better modification terms with NACA. I'm just afraid that I will lose out on this or is that no possible? I do want to keep my home since I have invested so much into it. Is asking 2.5% for 30 years asking too much?

Thank you.

09-30-2009, 11:52 AM	#136 (permalink)
annejojo Junior Member Join Date: Jun 2009 Location: California Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW story continues....what a mess!!!! After talking to the bofa negotiator this morning, I couldn't stop crying. Since April, I have been waiting patiently for a loan modification. I could not have reached this point w/out this forum and w/out all the people in this forum. Thank you! Contacting the OOP was definitely what sped up the process. I currently have an arm at 5.5% which is going to end in one year. My negotiator gave me a 40 year loan at my current rate of 5.5% but for the first 5 years, it would be reduced to 2.5%. This is going to definitely help me today but I'm not sure 5 years out will be enough. I asked if it was possible to have the 5 years at 2.5% pushed out and she said the 2.5% was the lowest rate she could give me and 5 years was the max. Today, I have depleted almost all my savings b/c of this house. The 2.5% will help me get out of debt, but 30 years at 2.5% would help me get back to where I used to be. Please let me what you think my next action should be? I know a few ppl have found better modification terms with NACA. I'm just afraid that I will lose out on this or is that no possible? I do want to keep my home since I have invested so much into it. Is asking 2.5% for 30 years asking too much? Thank you.