we just completed our modifcation with
CW thru Naca, now that we have a 6% fixed rate we are no longer a subprime mortgage.
here is some useful information regarding the AG settlement 12/1 program
Eligibility for Modifications Eligible borrowers under this program must have received a qualifying subprime mortgage or a Pay Option adjustable rate mortgage prior to 2008, and the property must be a 1-4 unit owner-occupied residential property. Additional requirements include: - The borrower is 60 days or more delinquent and the current loan-to-value ratio is 75% or above;
- The borrower becomes seriously delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75% or above;
- The borrower is current on the mortgage but is likely to become seriously delinquent as a consequence of a rate reset or contractual payment recast based on negative amortization triggers, and the loan-to-value ratio at the time of the modification is 75% or above.
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