Loan Modification Forum - LoanSafe.org - View Single Post - Just hired J. Griswold Law to handle Loan Mod w/ CW

Schnelle · 01-07-2009, 05:33 PM

Thanks to your thread Jeff, I too hired Griswold Law to handle my loan modification.

Mortgage info:
80-20 Interest only mortgage
1st mortgage - 220,000 at 6% fixed for 10 yrs
HELOC - 65,000 adjustable rate
status: current

The mortgage investigator from Griswold told me he was confident that my loans will be modified to:
1) 1st mortgage: fixed rate at 4%
HELOC: fixed at 5%
OR
2) 1st mortgage: fixed rate at 4% for 5 yrs
HELOC: fixed at 5% for 5 years

Either option will result to a lower monthly payment. I was told that once the modification process begins, mortgage payments will be placed on hold and I would not have to make the payments until modification is completed; credit reporting would also be placed on hold so it should not affect my credit. Has anyone been told the same thing? I feel uneasy not making payments since I would like to preserve my credit rating.

Jeff, do you have any updates on your modification?

01-07-2009, 05:33 PM	#62 (permalink)
Schnelle Senior Member Join Date: Dec 2008 Posts: 119 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just hired J. Griswold Law to handle Loan Mod w/ CW Thanks to your thread Jeff, I too hired Griswold Law to handle my loan modification. Mortgage info: 80-20 Interest only mortgage 1st mortgage - 220,000 at 6% fixed for 10 yrs HELOC - 65,000 adjustable rate status: current The mortgage investigator from Griswold told me he was confident that my loans will be modified to: 1) 1st mortgage: fixed rate at 4% HELOC: fixed at 5% OR 2) 1st mortgage: fixed rate at 4% for 5 yrs HELOC: fixed at 5% for 5 years Either option will result to a lower monthly payment. I was told that once the modification process begins, mortgage payments will be placed on hold and I would not have to make the payments until modification is completed; credit reporting would also be placed on hold so it should not affect my credit. Has anyone been told the same thing? I feel uneasy not making payments since I would like to preserve my credit rating. Jeff, do you have any updates on your modification?