Loan Modification Forum - LoanSafe.org - View Single Post - Home Affordable Modification on 40 yr mortgage and navigating Chase

HopingtoFind · 03-11-2009, 04:47 PM

azdmsmith... welcome...

According to new federal plan they would extend loan to 40 years in order to get to 31% of Gross income... you said that if they lower your rate to 3% you would get to 31%... so then in your case they wouldn't need to extend your loan term.. they just need to lower your interest rate.

03-11-2009, 04:47 PM	#2 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 652 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Affordable Modification on 40 yr mortgage and navigating Chase azdmsmith... welcome... According to new federal plan they would extend loan to 40 years in order to get to 31% of Gross income... you said that if they lower your rate to 3% you would get to 31%... so then in your case they wouldn't need to extend your loan term.. they just need to lower your interest rate.