| Re: asc asking for updated hardship letter
Hi Jennifer,
My balloon around is $9000 something... I actually talked to the LM Department and they gave me a breakdown but I didn't write them down... LMD told me not to worry about balloon payment since they will work on the actual loan mod by then and regardless of the outcome i wouldn't be paying the balloon amount. I called three times and they all say the exact same thing so I am assuming this is the correct information.
They never said anything about lowering my interest rate... From what I can tell they are going to keep my interest rate at around the the same as I am now (7.5%).... I did a quick calculation, if after loan mod they kept the same monthly as my forbearance payment amount, then maybe they will shave off .5%... but I doubt they will go lower then that.
Hope this helps you a little. I plan to give them a call again to make sure that they got my signed letter.. I will ask them again about the interest rate.
thanks
Eric |