[alisoncg]

I just wanted to update everyone on our current status. As I said in a previous post, we got our loan docs last Friday which was the 19th. Funny how the letter was dated August 29th and states that we have 5 days from the date of the letter to respond Thank God for Moe's advice about keeping everything including the envelopes becuse I have proof that it was not received until last week. Now the fun begins.......I had questions about the documents and followed their instructions about calling them to ask any questions I may have. HAH!!! Fat chance. I have been calling 4 to 5 times daily to no avail. Each time, I am transferred to a different dept. and nobody has any answers to my questions. I decided to call Hope today to see if a counselor could decipher the docs. for me. They were of no help at all since my loan is not FHA and their computer has no info. about our loan. I would also like to add that they knew NOTHING about the voluntary write down of loans which starts less than a week from today on Oct.1st. After getting no answers from them, I called CCCS (Consumer Credit Counseling Service) and was told they could squeeze me in today. I went to meet with a counselor there who although she was very nice, was not all that helpful either. She did read the documents for me and felt the same way I did about them. Nowhere does it say the rate was locked in. It does say the rate will be 7.70 yearly which we agreed should mean for the life of the loan. I guess I was looking for the words "locked in" or "frozen" not "yearly" The counselor advised me to accept the mod and be happy I got one with ASC. Incidentally, when I first walked into the office and she looked at the docs, she rolled her eyes when she saw it was ASC!! There was another counselor in the office at the time who said that she has not seen any mortgages where the interest rate was lowered if you currently have a rate less than 8%. In other words, if someone has an adjustable which is at a high interest rate, most of the banks or investors will lower it by one percentage point but not usually any more than that. Since we are already at 7.70, we should be happy with that. Also, believe it or not she knew nothing about the October 1st plan. I can't believe this goes into effect next week and NOBODY seems to know much about it other than what we have read on the FHA website which we got right here on this forum from the good folks here. All I can say is, if anyone out there is holding their breath hoping to get in on the principal write-down, good luck.