[hoodcana1]

Here is the offer from Wamu.
It was called an " Am term extended loan" (?)The loan is for 30 years however it is amortized or 40 years with a balloon payment at year 30.
The paperwork should delivered in 7-10 days and I would need to have them notarized and the fee is 450.00

No payments till 6/01/08,
1st year rate 7.566
2nd year 8.346
3rd year 9.125

She mentioned I had a monthly deficit of 376.00 and with this modification I should have a surplus of 460.00. Btw-they only used my last 6 month P & L and not tax returns to come up with those numbers.
I discussed the probability that this offer was not a significant enough decrease in my payments. I asked many different ways for the possibility of a lower rate for at least 30 min. She said initially she ran my numbers and the program came back and said to pursue a sale, however she said she knew we wanted to stay in the home and that ran it 5 more times and this was the best rate the program would allow her to offer.

As Poppy and the rest of the board have mentioned you must be proactive with your lender. At one point I mentioned That I emailed her 5 times in one day and I hope that I wasn't being a pest and she said Oh No not at all, she liked the fact I was on top of it and mentioned most people she is dealing with are difficult to get a hold of.

I was hoping for a little more relief but this will definitely help.

Poppy thank you for all of your help you are sage in this loan business.
If anyone wants information regarding my modification, please just ask I would be happy to share my information and strategies.

Good Luck !