 Re: modification on 80/20 loan?
Yea!! I received my docs today! Both loans fixed at 6.50% for life of the loan! One was at 9.2% adj. and the other was 12.5% ballon. Of course I would have loved the 2%, 4%, etc. but I'm extremely happy with these terms, as now I'm fixed rate and my payment has gone down almost $300.
We were also 4 months behind, and had back taxes that had been paid by chase. We were a little worried about how much our good faith payment would be, but we were lucky. They rolled all of our fees into our principle, so we owe no good faith payment.
So, new payment is $1247, our old one was almost $2100 with our back taxes and escrow. $1247 does not include our escrow but we estimate our escrow to be about $250.
I'll take it. Thanks to everyone who has given us advice and support. I'll post when we get everything finalized after we make our first actual payment on 11/1.
Buckeye |