SLS Loan Modification Offer.

[jiggawhat]

Hello all,

We have two homes, one we are currently trying to rent and the other we are currently living in.

The one we are trying to rent has been slow going, but lately has been picking up traction in terms of visitors. We have a loan with Countrywide currently. We’d like to keep that one if possible so that we can hopefully wait until the market picks up a bit and try to sell again but at least rent in the meantime.

The mortgage on the home we are living in is held by SLS and is an option arm (actually have a second with National City as well). We have been paying the minimum for the last couple years and I’ve been trying to get a loan mod done on it.
So far, we’ve been offered a step-rate modification at :

2% for the first year
3.25% for the second
4% for the third which will be locked for the life of the loan.

They say this is the best they can do. I don’t believe it is. They say these are the guidelines that the lender who owns are mortgage is offering (Wachovia).

I’ve been mostly speaking with the loan agents, but have requested to speak with a manager but not sure if that’s going to help.

Thoughts on getting a better offer?

Thanks.