Not sure if anyone has an answer. I recently was successful in modifying my loan with
CW/BOA. My previous loan was a Credit Comeback loan (see explaination below). Just before the modification took place, under the old contract I was to recieve a .375% reduction for my loan. On the 12th month (June 1st 2009) I made my 12th on time payment, but that payment was put in suspense during the modifcation. On June 16th I recieved a letter stating I did not qualify because my June payment was late. Is there a chance I could get this interest reduction on top of my modification since I did meet the critera before the modification went into effect on 7/1/09
" When doing a credit comeback mortgage loan, your interest rate will begin at a rate 1.5% higher than a "prime" mortgage loan. However, if you make your house payments in a timely manner each month, your loan rate will reduce by .375% after the first year. This same principle applies each year up to a period of 4 years. At the end of the 4th year of your
mortgage loan, you will have dropped your interest rate by 1.5%, where it will stay for the duration of your home loan."
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