Mary Salzer

  

You can ask, but if they come back with 7.0 to 7.50 be glad, they will not drop to 5.0 or 5.25%, they have an investor with anticipated income streams from the credit of 9.125% over the life of the loan.....so you can ask, but I suspect that they will not be below 7.0% on the response and I would not be surprised at higher....

I understand the hardship, but they have to meet some of the anticipated stream of income from the credit instrument...and as such are not prone to lower to that low a rate. Also the term will remain the 30 year instrument as these are sold into 30 year "bonds". Unable to modify out of that position due to the maturity on the "bond".....bond is a loose term, but same idea.

I do understand your problem, I also see their problem and they have to meet the expectations in some shape or form of the investor and the yields that were committed to at the time of the "bond" issuance to the investor.

You can state your case, but believe me they will come back with the offer in terms that they can sell to the investor....oh by the way the bulk of the surplus that we see in the initial stages of application for modification are 200 to 250.00 and they try to make them work within those parameters, so you certainly have the surplus in an area that should work for modification, however, be aware that the rate that you want is really not likely. Wish that it was, but reality on these investor issues are best faced going into the matter.