Permanent Loan Mod is supposed to arrive today

**milliecnc** · 11-02-2010, 10:17 AM

Hello Everyone,

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

**Evan Bedard** · 11-02-2010, 01:52 PM

Welcome to the community.

The modification you are being offered is definitely a good one. Basically every modification (no matter what program) ends up at a 4-5% fixed for the life of the loan. If you turn this offer down, it is not guaranteed they will offer you anything else..

**milliecnc** · 11-05-2010, 11:35 AM

Thanks Evan, This website really helped me through my process I recommend it to anyone going through a loan mod. I have signed the papers and returned them to chase. So happy to get this ordeal overwith. My payments begin January 1 so we have christmas without a payment helps me to get my kids a little thank you for being patient with mommy and her panic about losing our home. Now I will wait to recieve the fully executed copy back. When I have that in my hands I will finally relax and stop holding my breath.

**Evan Bedard** · 11-05-2010, 11:51 AM

I'm so happy to hear that the forum has helped you throughout your journey

And you were successful at the perfect time right before Christmas

The signed agreement should be returned by them within about 30-45 days after they received your copy.

**milliecnc** · 11-09-2010, 11:28 AM

Thanks so much. Yes this actually mean I will be able to have a good Christmas with my Family in our home. Very happy indeed. Very Thanful as well to all of the advice received here. I wish everyone the best of luck on their Mod fight. I know it is tough but stick to your guns and plant your feet firm.

**erzulie** · 11-16-2010, 03:32 PM

Congratulations, Millie! That is excellent news. I am hoping for some similar news myself. Frankly, at this point, I am not even all that hung up on exactly what the terms will be for my modification - as long as it is better than what I had (fixed at 6.75%), I will be happy, to have it complete and everything OVER with!!!!

My husband and I have been waiting for so long to have this behind us and move ON with our lives! Adopt children, do a few repairs on the house that have been needed for some time ... we have been waiting to have this behind us before we move forward with just about ANYthing that has to do with our having a home. We even went to a dog rescue on Sunday and plan to rescue a dog, once it's all finalized! I figure, it's a great way to pay it forward - if we are lucky enough to keep our home, we can share that luck with a dog who wasn't so lucky, since so many are ending up in shelters due to foreclosure and other horrors .....

Happy Holidays to you, and to everyone!!!!!

**milliecnc** · 11-17-2010, 08:01 AM

Thanks erzulie, We recieved our permanent docs signed by chase yesterday and are estatic. This will indeed be one of the happiest holidays we will have shared together. My husband and I have cleaned out the yard and planned on repainting to get a complete fresh start. We are really happy to put this all behind us. I everything works out for you I know how stressful this can be and like you we just put everything on pause till this was settled we did not want to do anything to the house without know if we were going to be able to keep it. Now we are just gratefully planning some actual christmas decorating.

Have a wonderful Holiday all.