I apply for a HAMP and after the three payments of my trial, I was denied, but Indymac offer to modify the loan.
Here are the terms:
- My loan right now is 205k
- They added to my loan 9k that I owe them, for the three months I didn't pay, plus the escrow.
- So now my loan is 214k
Here are the terms of my payment
2% First 5 years - 60 payments
3% 6 year - 12 payments
4% 7 year - 12 payments
5% 8 year - 12 payments
5.250% From 9 to 27 - 217 payments
after that there's a balloon payment of 90k to pay by 2036 - 1 payment
to all this I need to add the escrow monthly payment around $250 (adjustable).
There's a lot of crap that I don't understand like a Post-Chapter 7 Rider Agreement, that I don't know
I just want to know, if this modification is normal or this guys want to take advantage again. What do you guys think about this?
Thank you in advance for all the help