stepped interest rates?

[dana1215]

I have seen on here where some people have been succuessful in obtaining a modification whereby their interest rate is stepped starting out really low like 2%. How can we do that and is there any chance of getting a principle reduction as well. we have a very high principle balance and our house is worth only about 60% of what it appraised for three years ago. Any suggestions? who to call etc...

[Evan Bedard]

Hi dana1215 welcome and thank you for joining.

I have seen on here where some people have been succuessful in obtaining a modification whereby their interest rate is stepped starting out really low like 2%. How can we do that and is there any chance of getting a principle reduction as well. we have a very high principle balance and our house is worth only about 60% of what it appraised for three years ago. Any suggestions? who to call etc...

Yes I have seen many modifications that were step rate programs starting at a very low rate. You will need to request this in your proposal to your lender, but remember it is definetely not guaranteed. Make sure to call the loss mitigation department and not just regular old customer service because they are not too good at dealing with this process..

As far as a principle reduction that is more than likely not going to happen. I have now maybe seen about five in the past two years..

[dana1215]

Thanks for the input. Anyone in particular or Phone numbers you can throw my way.

[Evan Bedard]

Thanks for the input. Anyone in particular or Phone numbers you can throw my way.

Try these two numbers they have helped many here in the forum before:

Jeanne Drake VP Home Retention
PH 1 949 784 6011
FAX 1 866 642 4196

Jim Davis
PH 1 904 996 9696
FAX 1 904 996 1727