This is the strangest thing but today I received my final Hamp loan documents (my loan is through Indymac/One West )and I haven't even paid my 3rd trial pmt yet (last one is due 2/1/11). I am actually in shock and don't believe it to be real...these are the terms:
1-5 years 2% pmt of $1,576 (w/escrow)
6th yr 3% $1,345.33 (w/out escrow which was $418.16 in 1-5 yr pmt)
7th yr 4% $1,543.06 (w/out escrow)
8-26 yrs 4.75% $1,696.81
The loan is for 308 mths/25 years
My original pmt was $2,600 so I am saving about a grand a payment now...yahoo!
The question I have is that I thought I only owed $368,000 on the loan and they have this statement saying "$13,892.77 of the new principal balance shall be deferred and will not pay interest or make mthly payments on this amount. The new principal blaance les the deferfed princ. bal shall be referred to as the "interest bearing principal balance" and this amount is $382,398.86". Then it also says below the payment/interest chart that on 10/1/2036 an estimated balloon payment of $211,386.45 is due for my loan to be paid in full...is this normal? So this means in 25 years I have to come up with the balance and pay it off?
Also, I don't understand why their final loan amount is more then what I thought was owed?
Is this really the paperwork for a final mod? Does this mean I'm in????