Loan Modification Forum - LoanSafe.org - View Single Post - Modification of 5 in 1 arm Wells Fargo SUCCESS!!

5in1arm · 04-12-2009, 09:51 AM

***,
Thanks for the detailed response. I plugged in our numbers to the DTI calculator and it shows 41%. So that make us eligible for the plan. My loan does not have principal in it so I only plugged into the calculator the Interest only payment. The DTI would be higher if I added Pricipal, interest, insurance and taxes at 59%.
Like you said they are probably going to propose a balloon payment at the end. What would be a disadvantage to this type of situation if they also reduced my principal and locked me into a fixed rate?
I wouldn't mind getting forgiven on this overage, what are the possibility of this?
Thanks for you help.

04-12-2009, 09:51 AM	#3 (permalink)
5in1arm Senior Member Join Date: Apr 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: Modification of 5 in 1 arm Wells Fargo SUCCESS!! ***, Thanks for the detailed response. I plugged in our numbers to the DTI calculator and it shows 41%. So that make us eligible for the plan. My loan does not have principal in it so I only plugged into the calculator the Interest only payment. The DTI would be higher if I added Pricipal, interest, insurance and taxes at 59%. Like you said they are probably going to propose a balloon payment at the end. What would be a disadvantage to this type of situation if they also reduced my principal and locked me into a fixed rate? I wouldn't mind getting forgiven on this overage, what are the possibility of this? Thanks for you help.