Loan Modification Forum - LoanSafe.org - View Single Post - NACA/CW/BofA June Restructure Submissions

DodgerFan · 06-15-2009, 02:39 PM

As recently as last week, I spoke with our negotiator (Janice) who said that our mod is still sitting there. Our mod was submitted Jan 4, 2009. The reason ours is still sitting idle (per NACA) is that Freddie Mac is the investor on the loan. FM really sucks. FM hasn't responded to NACA for many weeks, and is now saying they will likely pursue the "Obama Plan" which will only help lower payments for the short term. 5 Year max payment reduction, no principal reductions, stepped interest rate up to 5% after 5 years. After that - market rates. Likely 40 year term. What a joke! But, keep your head up if FM is not your investor!

06-15-2009, 02:39 PM	#27 (permalink)
DodgerFan Member Join Date: Dec 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: NACA/CW/BofA June Restructure Submissions As recently as last week, I spoke with our negotiator (Janice) who said that our mod is still sitting there. Our mod was submitted Jan 4, 2009. The reason ours is still sitting idle (per NACA) is that Freddie Mac is the investor on the loan. FM really sucks. FM hasn't responded to NACA for many weeks, and is now saying they will likely pursue the "Obama Plan" which will only help lower payments for the short term. 5 Year max payment reduction, no principal reductions, stepped interest rate up to 5% after 5 years. After that - market rates. Likely 40 year term. What a joke! But, keep your head up if FM is not your investor!