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FLgata · 03-25-2009, 02:15 AM

Good Morning Klynn,

Several members here have received modifications offering a "step-up rate"...including myself. Each person's situation is different. In my case, I refused the modification because I needed a permanent fix to my mortgage problem (interest only ARM). The step-up rate would have only delayed the inevitable for me. The inevitable being foreclosure. I decided to use the NACA because they work to restructure loans to a 30 year fixed at a low rate. Last week, I received an email stating that the proposal submitted by the NACA was approved by CW and my new rate was 2% for the life of the loan (still awaiting paperwork). This will take almost $1,000 off my monthly mortgage payment and keep me in my home.

If this is the only property you own, you may want to check out the link below. The NACA is a Hud approved, non-profit organization that helps responsible homeowners who are struggling with their monthly mortgage payments. Their services are free.

https://www.naca.com/refinance/refinanceTenStep.jsp

Good Luck and please keep us posted!

03-25-2009, 02:15 AM	#6 (permalink)
FLgata Senior Member Join Date: Oct 2008 Location: Bonita Springs, Florida Posts: 322 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: A Bit Baffled by CW here in CA!!!!! Good Morning Klynn, Several members here have received modifications offering a "step-up rate"...including myself. Each person's situation is different. In my case, I refused the modification because I needed a permanent fix to my mortgage problem (interest only ARM). The step-up rate would have only delayed the inevitable for me. The inevitable being foreclosure. I decided to use the NACA because they work to restructure loans to a 30 year fixed at a low rate. Last week, I received an email stating that the proposal submitted by the NACA was approved by CW and my new rate was 2% for the life of the loan (still awaiting paperwork). This will take almost $1,000 off my monthly mortgage payment and keep me in my home. If this is the only property you own, you may want to check out the link below. The NACA is a Hud approved, non-profit organization that helps responsible homeowners who are struggling with their monthly mortgage payments. Their services are free. https://www.naca.com/refinance/refinanceTenStep.jsp Good Luck and please keep us posted!