Quote:
|
Basically same as HAMP. First year at 2%, 2nd at 3% 4th at 4% and 5th at 5.125%. He could not give me the final figures (I'm scared) because it had to go through QC first. But they are requesting $700 for my Dec's payment as a "contribution to show good faith". This will go to my past due balance for escrow. The remaining amount will go to the principal. He is telling me they require at least half of my monthly payment as the "good faith contribution". Then my actual modified payment will not be due until Jan. So tells me that my payment should be around $1400 a month. My payment before was $2058. I'm not only saving $658 a month, but I'm saving the house! Time to move back in...lol
|
Congratulations Heatherm on the modification! I would make sure not to pay anything until you receive the paperwork. Many reps will just tell you to keep paying so they can collect as much money as possible. Do NOT start paying on an agreement until you receive the paperwork first.
Quote:
I made 6 trial payments and came to the point they was not going to get any more $ from me. I was at wits end with them.
|
Also great job holding your ground! I feel there is no reason for homeowners to continue paying on the trial period for many months when the lender is supposed to have the final decision right after the agreement is complete. Plus many times they will get denied for permanent assistance like they did to you..