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aubie37 · 10-20-2009, 01:06 PM

Today,

I heard back from CitiMortgage. Verbal proposal 5% fixed reaged to 30 years, reduces payment by about $109 per month.

Old scenario

6.5% fixed (FHA: Ginnie Mae)
$1111 month with tax and insurance

Due 4/1/2009

Taxes just over $400 annually
Homeowner's Insurance about $650 annually

New proposed Scenario

5% fixed (FHA: Ginnie Mae)
Basically $1000 per month with tax and insurance
Reverted back to 30 years
Added about $7700 to principal with past due taxes and insurance included

Currently, before this proposal I would due for over $11,000 and change in total by January 1.

As proposed new payment starts 1/1/2010.

Papers are supposed to be on the way to get notarized and return the down payment for plan.

10-20-2009, 01:06 PM	#1 (permalink)
aubie37 Senior Member Join Date: Jul 2009 Location: Birmingham, Alabama Posts: 127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Yeah, Verbal Proposal from CitiMortgage Today, I heard back from CitiMortgage. Verbal proposal 5% fixed reaged to 30 years, reduces payment by about $109 per month. Old scenario 6.5% fixed (FHA: Ginnie Mae) $1111 month with tax and insurance Due 4/1/2009 Taxes just over $400 annually Homeowner's Insurance about $650 annually New proposed Scenario 5% fixed (FHA: Ginnie Mae) Basically $1000 per month with tax and insurance Reverted back to 30 years Added about $7700 to principal with past due taxes and insurance included Currently, before this proposal I would due for over $11,000 and change in total by January 1. As proposed new payment starts 1/1/2010. Papers are supposed to be on the way to get notarized and return the down payment for plan. __________________ Loansafe helped save my home 10/2009!