Yesterday we received out permanent modification paperwork. Chase is not reducing our interest rate at all -- still at 6.875% for 312 months.
They are rolling all past due amounts into the modded loan -- payment will be $1565.81 plus $131.55 (Escrow) for a total of $1697.36 starting Nov 1, 2010
Here are the terms:
Current Unpaid Balance $214,985
Escrow Advance $711
Less Credits $688
Adjusted Balance $227,325
They also want a
Initial Payment Contribution of $2494.93
Less Funds held in suspense $687.57
Total Due $1,807.36 by September 28, 2010
We were told 2 weeks ago by our relationship manager that there were no funds due until the first payment November 1. What should we do? Our payment is actually going to go up. We do not qualify for a HAMP mod since our mortgage is under the 31% requirement.
Thanks for any advice.