Loan Modification Forum - LoanSafe.org - View Single Post - Loan Modification for multiple rental properties

HopingtoFind · 01-14-2009, 06:26 PM

Hi t2weati,

Our analyst contacted us yesterday with the offer, they will reduce our rate from 6.37% interest only to 4.37% 40 year fixed.
Our payment would stay the same because at this point we are paying interest, principle and insurance + taxes are now rolled into our payments.
She told me not to make January and February payments and that they will report it as late and then correct it once the mod is finalized.. I do have a problem with this part... so will see.. She said we should get the documents in couple of weeks.

I couldn't get in touch with my analyst since mid December and finally left her a message that I will have to escalate if she doesn't call back.. It might have worked. It has been 2.5 months since we started.

We did get a mod on one of our HELOCs with BofA, for 2 years.. and currently working on a 1st with an analyst also with BofA.

The rest are still in progress.. If you would like more detail you can look up my threads... Best of luck on your mods.

01-14-2009, 06:26 PM	#34 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification for multiple rental properties Hi t2weati, Our analyst contacted us yesterday with the offer, they will reduce our rate from 6.37% interest only to 4.37% 40 year fixed. Our payment would stay the same because at this point we are paying interest, principle and insurance + taxes are now rolled into our payments. She told me not to make January and February payments and that they will report it as late and then correct it once the mod is finalized.. I do have a problem with this part... so will see.. She said we should get the documents in couple of weeks. I couldn't get in touch with my analyst since mid December and finally left her a message that I will have to escalate if she doesn't call back.. It might have worked. It has been 2.5 months since we started. We did get a mod on one of our HELOCs with BofA, for 2 years.. and currently working on a 1st with an analyst also with BofA. The rest are still in progress.. If you would like more detail you can look up my threads... Best of luck on your mods.