Rec'd final mod BUT...

[fla borrower]

*I orginally posted this in another thread by error.*

I rec'd a preliminary final mod after a year and 1/2/ Here's the catch!Apparently Chase is pushing the Treasury Dept. to approve interest only mods!!! Didn't this already ruin the housing market once before????

Here is the article I found, regarding this lovely new tactic of Chases'.

Real Estate Blog - OMG! Interest Only Loan Modifications? Have we learned nothing?!-

I will later let you know of my exact terms when I receive them. I know it is around 2.43% for 10 years and then P&I after year 11, is inlcuded. The underwriter said it was a negative amortization because that is what I have currently on my mortgage. They can go scratch, I am not agreeing to this s***!

I called the hamp admin and filed another complaint.

[bekbek]

Originally Posted by fla borrower

*I orginally posted this in another thread by error.*

I rec'd a preliminary final mod after a year and 1/2/ Here's the catch!Apparently Chase is pushing the Treasury Dept. to approve interest only mods!!! Didn't this already ruin the housing market once before????

Here is the article I found, regarding this lovely new tactic of Chases'.

Real Estate Blog - OMG! Interest Only Loan Modifications? Have we learned nothing?!-

I will later let you know of my exact terms when I receive them. I know it is around 2.43% for 10 years and then P&I after year 11, is inlcuded. The underwriter said it was a negative amortization because that is what I have currently on my mortgage. They can go scratch, I am not agreeing to this s***!

I called the hamp admin and filed another complaint.

I have a 5 year IO only for 2%.I accepted it per loan safe members advise

[IRAKENJI]

I received my final mod 2 weeks ago. The terms are as follows:

1-5 years = 4.335% (PITI = $3712.04)
6-27 years = 5% (PITI = $3910)
28-40 years = no rate

The catch is: a balloon payment is the amount of $297K if we refi and or sell. We're not accepting the loan mod and will go through short sale instead. I don't think you can call that a modification anyway if they're tacking in that amount when the loan matures in year 2036.

[fla borrower]

Hi Bekbek

Did u have a negative amortization interest only loan?

[bekbek]

Originally Posted by fla borrower

Hi Bekbek

Did u have a negative amortization interest only loan?

Hi.FLA.
my original loan was ARM/IO.369,000.Value now 220,000.Lender offered me 600 IO FOR 5 YEARR payment from .