Loan Modification Forum - LoanSafe.org - View Single Post

asrs4 · 02-09-2009, 09:46 PM

Well we received our loan modification today and it was a joke. They offered us a 10 year interest only at 7% and once the 10 year is up it will stay at 7% and they also put whatever is past due towards the principal amount. Our current rate already is at a 7 so I don't exactly know how this is going to help us. Were basically back to square one. Our income has been reduced and that's why I requested a rate reduction instead they gave us an interest only for 10 years at the current rate we have now. Any suggestions?

02-09-2009, 09:46 PM	#9 (permalink)
asrs4 Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Former success story, in trouble again... Well we received our loan modification today and it was a joke. They offered us a 10 year interest only at 7% and once the 10 year is up it will stay at 7% and they also put whatever is past due towards the principal amount. Our current rate already is at a 7 so I don't exactly know how this is going to help us. Were basically back to square one. Our income has been reduced and that's why I requested a rate reduction instead they gave us an interest only for 10 years at the current rate we have now. Any suggestions?