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nichelle90 · 10-20-2008, 07:49 AM

Hi ***,

Thanks for the response.
Interest rate 10.3%
Fixed
I believe I am paying interest only. And I have a balloon payment after 30 yrs!

I totally understand the escrow staying in place. But do you think they will even give me a modification? I have never missed a payment. I thought that after 2 years I would be able to refinance with a better loan (lower rate and no balloon pmt). But everyone I have tried to refinance with says that my income ratio is too low. I am paying all of my bills on time but my credit score is still not going up. I am only trying to refinance to change the terms of my loan and get some kind of breathing room with my finances (I have no equity) . I just feel like I am in a no win situation.

Thanks,
Nichelle90

10-20-2008, 07:49 AM	#4 (permalink)
nichelle90 Junior Member Join Date: Oct 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Not in default, yet. Hi ***, Thanks for the response. Interest rate 10.3% Fixed I believe I am paying interest only. And I have a balloon payment after 30 yrs! I totally understand the escrow staying in place. But do you think they will even give me a modification? I have never missed a payment. I thought that after 2 years I would be able to refinance with a better loan (lower rate and no balloon pmt). But everyone I have tried to refinance with says that my income ratio is too low. I am paying all of my bills on time but my credit score is still not going up. I am only trying to refinance to change the terms of my loan and get some kind of breathing room with my finances (I have no equity) . I just feel like I am in a no win situation. Thanks, Nichelle90