Scared to sign Loan Modification Doc

[loosingmyhometoo]

My current Fannie loan is 5.6% 30 year with 26 years left. This is what the modification say's for the 40 year loan.

3.5%
4%
4.625 locked after 3 years.

My second loan is 8.6% that they say they won't mod.

The first year im at 31.5% income housing ratio. Extra $180 month.
The third year 34% with $39 extra after paying bills, and now permanently disable medications.

$265,000 loan on a currently $185,000--$220,000 appraisal.

This is my lovely home but would you sign?

[mtg2008]

I think you first loan is not bad. I would fight for the 2nd modi. I was told same thing they will not modify the 2nd since the total housing ratio is below 42%. You might need to call the law office to get some help.

[Evan Bedard]

Hi lossingmyhometoo,


Did BofA happen to modify your loan to the 4.65 fixed for the remainder of the loan? Or is your loan going back to original rate after three years?