| Re: The Clock is Ticking!!
***,
We received the paperwork today, yeah! Not being very knowledgeable of mortgages, obviously! There are a couple of things that I question. In the agreement it states that in 2/2005, we borrowed $197,600. My current principal balance is $192,387. Interest, Fees, and Escrow will be added to my current principal bringing a modified balance of $218,271. Interest is $16K, Escrow $7.5K and Fees of $2.3K. Granted, we have not made a payment since October of last year. But should my principal balance be more than I originally borrowed?
We are planning on signing and sending this in and staying put, unless I hear differently. Also, it's interesting, in my conversations with the CSR's in the beginning, I was told to save, save, save as there would be fees, late charges, etc. that I would need to pay prior to modification. That has all been waived and our first mortgage payment starts in July. Granted it's $300 more than it originally was due to interest and escrow but something we can afford.
What do you think?
Jim |