Loan Modification Forum - LoanSafe.org - View Single Post

shintoooo · 12-02-2008, 02:53 PM

Well I got my loan mod approved. They gave me 3 years @ 3.197% and then 6.25% fixed for the rest. My payments are actually more than they were before the loan mod because they include taxes and insurance, but if you take those out, it is about $300 lower for the first three years, but it will shoot up to a lot more after three years. I tried to get them to amortize over 40 years and they said nooo way.

I have to decide whether to keep it or not now. I might just do it and see if anything else comes up when Obama takes over the office. I feel like they are just Candy Coating the problem for three years and then its going to come back.

They are not reducing any principal amount and are not participating in the help for homeowners program.

I am really not happy about it but I guess its better than nothing.

12-02-2008, 02:53 PM	#11 (permalink)
shintoooo Member Join Date: Sep 2008 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Indymac modification help Well I got my loan mod approved. They gave me 3 years @ 3.197% and then 6.25% fixed for the rest. My payments are actually more than they were before the loan mod because they include taxes and insurance, but if you take those out, it is about $300 lower for the first three years, but it will shoot up to a lot more after three years. I tried to get them to amortize over 40 years and they said nooo way. I have to decide whether to keep it or not now. I might just do it and see if anything else comes up when Obama takes over the office. I feel like they are just Candy Coating the problem for three years and then its going to come back. They are not reducing any principal amount and are not participating in the help for homeowners program. I am really not happy about it but I guess its better than nothing.