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mto66 · 02-03-2009, 10:49 AM

hi Heehoo22:

I have BONY as my investor. I initially turned down my first mod on January 15th because it just reduced to my initial rate of 8.29% for 5 years.

I replied with new information and stated that this was a short term fix to a long term problem as in 4 years I am going to be right back where I started.

I just got a call yesterday. They won't reduce my rate saying "I have more than enough to pay my mortgage". I disagree and asked why and she came back with her answer. The negotiator told me she is requesting a fixed rate for me and will get back to me.

My question: I am a single mom and in 4 years my child support ends.......which gives me the surplus. So again, I am right back to square one in 4 years, unless I see an increase in my pay by about 800 dollars/month.

Also, I have submitted with NACA about a month ago.

Now I am confused. Should I just accept this (if it's fixed) or try again. I just want out of this whole situation. My house is not ridiculously over it's current amount (190K to my new amount of 215K). Just curious as to how much they would be willing to do.

In addition, they want $1400 upfront if I agree. Can you give me any advice that may be beneficial in helping me figure out this situation.

Thanks for your input.

02-03-2009, 10:49 AM	#18 (permalink)
mto66 Senior Member Join Date: Dec 2008 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Modification in Phase 2 Stage BONY Investor hi Heehoo22: I have BONY as my investor. I initially turned down my first mod on January 15th because it just reduced to my initial rate of 8.29% for 5 years. I replied with new information and stated that this was a short term fix to a long term problem as in 4 years I am going to be right back where I started. I just got a call yesterday. They won't reduce my rate saying "I have more than enough to pay my mortgage". I disagree and asked why and she came back with her answer. The negotiator told me she is requesting a fixed rate for me and will get back to me. My question: I am a single mom and in 4 years my child support ends.......which gives me the surplus. So again, I am right back to square one in 4 years, unless I see an increase in my pay by about 800 dollars/month. Also, I have submitted with NACA about a month ago. Now I am confused. Should I just accept this (if it's fixed) or try again. I just want out of this whole situation. My house is not ridiculously over it's current amount (190K to my new amount of 215K). Just curious as to how much they would be willing to do. In addition, they want $1400 upfront if I agree. Can you give me any advice that may be beneficial in helping me figure out this situation. Thanks for your input.