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MP927 · 01-30-2009, 12:54 PM

Hi rtwm,
I have the exact same mortgage interest only for 10 years @ 6.5%. We had to go this loan to get out of our neg am just to stop the principal increase.
Our loan balance is $305K, and we would never qualify for that based on income so we went stated income (this was Aug. 2007). Now we have gone through all 401K money and savings so we are at the end of the road. I am applying to NACA for assistance because we are paying 56% of gross income and 64% of net income for the payment. I think NACA is our only hope to get them to extend the loan for 40 years and lower the interest rate to a more affordable level.
I don't have Citi to help you on the other issue tho'

01-30-2009, 12:54 PM	#2 (permalink)
MP927 Senior Member Join Date: Jan 2009 Location: California Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Conventional ARM Loan Hi rtwm, I have the exact same mortgage interest only for 10 years @ 6.5%. We had to go this loan to get out of our neg am just to stop the principal increase. Our loan balance is $305K, and we would never qualify for that based on income so we went stated income (this was Aug. 2007). Now we have gone through all 401K money and savings so we are at the end of the road. I am applying to NACA for assistance because we are paying 56% of gross income and 64% of net income for the payment. I think NACA is our only hope to get them to extend the loan for 40 years and lower the interest rate to a more affordable level. I don't have Citi to help you on the other issue tho'