I finally got a loan mod last August after two years of trying with Chase. We got the standard:
2% for five years
3% year 6
4% year 7
4.5 year 8-24
year 24 233,000 non interest bearing balloon payment.
I took it because we live in Southern Cal and rents are very high here. Our current payment is 2010.00 for the next five years. Our loan amount is currently 482,000 and our house is worth 350,000 tops. We have been current on our new loan mod since we got it which was last August.
Does anyone know if in the future we will be eligable for any kind of new programs to get a low interest rate and get rid of the 233,000 balloon payment?