Loan Modification Forum - LoanSafe.org - View Single Post

patnj · 02-12-2009, 06:31 AM

Hi all,

I also recieved a mod on monday. I was interst only 6/5% and now they changed it to 3.60 which will increase .50% each year to cap out at 6.5% in 5 years which will bring me right back to the same place. I plan on selling my house in 4 years so I guess this will work out and save me interst ovet the 4 years but I was really hoping for a interest and principal fixed loan for the life of the loan. They seem to be only putting bandaids on these bad mortgages and most people will be back in trouble after the introductory rates expire....not sure what they are thinking. I have an appointment with NACa and I am wondering if I should maybe apply again and try for the fixed rate interest and principal loan. Also, they did add all of my late charges to the principal. Waived late fees. I had made a payment of $3600. that was never applied and they are giving me the run around of where this is exactly. They say it will be applied after I send doc's back, does this sound right?

Thanks to everyone for sharing your stories and experience.

02-12-2009, 06:31 AM	#13 (permalink)
patnj Senior Member Join Date: Jul 2008 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: New Loan Modification on it's way? Hi all, I also recieved a mod on monday. I was interst only 6/5% and now they changed it to 3.60 which will increase .50% each year to cap out at 6.5% in 5 years which will bring me right back to the same place. I plan on selling my house in 4 years so I guess this will work out and save me interst ovet the 4 years but I was really hoping for a interest and principal fixed loan for the life of the loan. They seem to be only putting bandaids on these bad mortgages and most people will be back in trouble after the introductory rates expire....not sure what they are thinking. I have an appointment with NACa and I am wondering if I should maybe apply again and try for the fixed rate interest and principal loan. Also, they did add all of my late charges to the principal. Waived late fees. I had made a payment of $3600. that was never applied and they are giving me the run around of where this is exactly. They say it will be applied after I send doc's back, does this sound right? Thanks to everyone for sharing your stories and experience.