5/3 Loan Modification Help

[goosey100]

We received our final Modification papers from 5/3 Bank Friday. The original principal balance of our loan was $98,400.00, the modified principal balance is now $117,000.00. Could anyone please tell me what fees can be added to a principal balance because this amount seems awfully excessive. We were 10 months behind and the mortgage payment was $655 a month. I could understand a $107,000.00 modified principal balance...but $20K more than what we started with seems high. Any help would be greatly appreciated!

[Evan Bedard]

Hi goosey100,

We received our final Modification papers from 5/3 Bank Friday. The original principal balance of our loan was $98,400.00, the modified principal balance is now $117,000.00. Could anyone please tell me what fees can be added to a principal balance because this amount seems awfully excessive. We were 10 months behind and the mortgage payment was $655 a month. I could understand a $107,000.00 modified principal balance...but $20K more than what we started with seems high. Any help would be greatly appreciated!

They charged you for those ten months missed payments along with late fees and attorney fees as well. Over ten months those fees can add up quite a bit...