Homeq Loan Mod Question

[aimee678]

Long story short here - I was a few months behind in my mortgage. When I went to go pay, my account was blocked. I called up and was informed I was in foreclosure. I explained I had all the payments to get me caught up and they said no. They need the legal , lates and other fees as well. This came to an additional $5,000. I didnt have it so we went and talked about a loan modification. I was pre approved and sent in $10,000 ( my back payments required to begin the mod)

I get my approved paperwork today and my information is as follows:

Previous Loan Amt
$207,000
Previous Interest Rate
7.125
Previous Payment
$2,187

New Loan Amt
$221,000
New Interest Rate
5.00
New Payment
$1,802


Now the bad thing is there is $23,000 in past due, interest, legal, foreclosure and escrow fees. My $10K basically brought this amount down to $13,000, tacked onto my $207,000 amount owed. Is this normal? Or fair? I am so disgusted that I dont even think I want to accept the approval. Any advice - PLEASE? I would rather have them apply my $10K to the outstanding mortgage payments and catch up to what I am now behind than do this. The only problem is, now are they going to tell me I owe $13,000 in additional fees as well?? I am so lost! HELP

[Moe Bedard]

Hi aimee678,


Welcome to the forum and thank you for joining..............

The problem is that once the file goes to the foreclosure attorney...........then it becomes having to pay redemption figures to cure the default.....these can include the attorney fees, the delinquent escrows, late fees, and interest to name a few..........

If these figures are not adding up to what you were thinking that they are supposed to be.............you may want to see if HomeQ could give you a breakdown of them, if the modification docs do not clearly state what they are for.
Homeq
1-877-867-7378