New here, a bit confused...

[GonnaMakeIt]

What a great site! I can't stop reading the information here! I do however feel very "home loan illiterate." I see all these abbreviations here and I'm not sure what they mean? So please bare with me....
I have been trying to get modified for months...over a year with one lender!
My situation is difficult. We own 2 homes. The one we reside in is VERY expensive and is with WAMU. The other home we have is with Wilshire. We came to the decision that we will pack up and move from here because the other home is much more manageable, financially and otherwise. Plus we wanted to qualify for the HAL (lol that is my abb. version of Home Afford Loan). Just as we have painted, carpeted and we're ready to move, WAMU sends a letter offering a 3 month trial plan for THIS home! We only had a few days to make a decision so we did mail them the first payment while we make decisions. Then I found this site. Now I am confused as to whether this trial offer is any kind of guarantee and if we should continue to make the scheduled payments etc? We have not yet gotten anything from Wilshire about a modification for that home, but we had high hopes that we'd be approved...are we wrong to be so confident?
The payment for the 3 month trial...will that likely go up when the offer comes back or does that generally stay the same? Possible to even go lower?? If it goes up, we cannot stay here and I'd rather not pay more into it and just move forward with our plans to move to the other house. But if THAT loan does not get approved, again we are sca-roood!
Any advice?
Also what is the 31% I keep reading about?
Tell me info you need me to include here in order to get good advice? I don't even know my interest rate at this point...we have not made a payment in over a year! Our original pmt was almost $10,000, then they modified it a year ago to almost $7000. The trial plan offered us $3360 which we will find hard to pass up if that is what the mod will be!
Can you tell how confused I am?? Advice or input??

[Evan Bedard]

Hi gonnamakeit welcome and thank you for joining.

We only had a few days to make a decision so we did mail them the first payment while we make decisions. Then I found this site. Now I am confused as to whether this trial offer is any kind of guarantee and if we should continue to make the scheduled payments etc? We have not yet gotten anything from Wilshire about a modification for that home, but we had high hopes that we'd be approved...are we wrong to be so confident?

The trial period will help you save money for the next few months, but it has proven so far to be no help as to a permanent solution. Many homeowners have entered this period and completed, but only very few have got a permanent modification afterwards..

[GonnaMakeIt]

Originally Posted by Evan Bedard

Hi gonnamakeit welcome and thank you for joining.



The trial period will help you save money for the next few months, but it has proven so far to be no help as to a permanent solution. Many homeowners have entered this period and completed, but only very few have got a permanent modification afterwards..

Save for a higher payment amount? We have been "saving" for a year since we haven't made any payments! However, this lower, but still high payment of $3360 per month will NOT allow us to save and we will NOT be able to afford anything higher

[Lhuynh]

you can contact me at 626-454-5009. I'll see if i can answer your questions