Loan Modification Forum - LoanSafe.org - View Single Post - Is there still no one with a modification offer on the dec. 1???

alikeith · 01-13-2009, 05:47 PM

I think you read the agreement incorrectly.

They arent defering intrest, you are paying a interest only payment. No principal. How can they tack on interest you already were paying.

It's your principal that is not going down at all. After 10 years, you begin principal and interest payments.

Your past due payments, and interest are added to your balance to get you caught up if you currently are behind. You will be acruing interest on the unpaid interest that you are adding to your loan to bring it current.

I just looked over my documents again. It even says on your statement they send every month, they will send you other payment options, meaning payment options to pay down your principal.

01-13-2009, 05:47 PM	#24 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is there still no one with a modification offer on the dec. 1??? I think you read the agreement incorrectly. They arent defering intrest, you are paying a interest only payment. No principal. How can they tack on interest you already were paying. It's your principal that is not going down at all. After 10 years, you begin principal and interest payments. Your past due payments, and interest are added to your balance to get you caught up if you currently are behind. You will be acruing interest on the unpaid interest that you are adding to your loan to bring it current. I just looked over my documents again. It even says on your statement they send every month, they will send you other payment options, meaning payment options to pay down your principal.