Loans, Debt & Credit - View Single Post - Housing Rescue Plan

kent302 · 03-04-2009, 03:58 PM

Just to clarify myself, the 105% LTV does not apply to Modificaiton, but applies to Refin. What *** said.

I read the document and I don't understand how they will determine the home value. It seems like whoever, can make or break your application by the comp/appraisal if you're like me.
My LTV is between 100 to 130 depending of V.

On th Modification doc, it is not simple to understand. Front end DTI, back end DTI, waterfall analysis, and interest rate cap at the end of the term:

"If the modified rate exceeds the Freddie Mac Primary Mortgage Market Survey rate in effect on the date the modification document is prepared, the modified rate will be the new note rate for the remaining loan term. "

Anyone know what this mean in layman's terms?

Thanks,
-kent in SAC'ed

03-04-2009, 03:58 PM	#4 (permalink)
kent302 Senior Member Join Date: Mar 2009 Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Housing Rescue Plan - I have CW loan Just to clarify myself, the 105% LTV does not apply to Modificaiton, but applies to Refin. What *** said. I read the document and I don't understand how they will determine the home value. It seems like whoever, can make or break your application by the comp/appraisal if you're like me. My LTV is between 100 to 130 depending of V. On th Modification doc, it is not simple to understand. Front end DTI, back end DTI, waterfall analysis, and interest rate cap at the end of the term: "If the modified rate exceeds the Freddie Mac Primary Mortgage Market Survey rate in effect on the date the modification document is prepared, the modified rate will be the new note rate for the remaining loan term. " Anyone know what this mean in layman's terms? Thanks, -kent in SAC'ed