First of all I would like to say thanks to everyone on these boards. I gained so much information on here and reading everyone's story made me feel a little less alone in my struggle. After struggling for what seemed to me an eternity but I guess comparatively speaking was actually not that long (since April of 2010) and countless copies of documents and thousands of phone calls I have been told that my permanent loan modification papers should arrive via FEDEX today. I wanted to ask everyone what they thought of the offer they are giving me. I do not have the papers in my hands so I will come back and add that when I get them but here is what I do know:
Amount Owed on loan $164,755.79 (I do not have adjusted amount
Amount in arrears which they will tack on to this is $9456.37
original loan payment with taxes and Insurance $1350.00
Original Interest Rate 6.5%
New loan payment with taxes and Insurance $1107.32
New interest Rate 4.5%.
Now I did not think this was such a huge change in my mortgage payment but it does help. I know that now with my pay increase I can pay this and my bills and have a little bit of money to spare. please guys tell me what you think.
I am desperate to keep my home and I am 7 months behind as is. My payments will begin 1/1/11