| Need help with modification terms
To make a VERY LONG story short- we applied for a modification under the MHA act on 03/02/09 with our lender and after 8 weeks, the "servicing of our loan" was sold to a new company effective 05/01/2009 so they never finished the modification process.
As of 06/19/2009 and tons of letters, phone calls, etc. our loan was found to never been sold and back with the origianl lender. For 64 days we had no bank to make payments, no loan on our credit report, basically a lost mortgage. I wrote to our states banking commission and they sent a request to our lender for answers as to the sale of the loan, the status of the mod, etc. Well, of course the bank called us the next day and started work immediately on our modification. We recived the packet yesterday and the terms are as follows:
Fixed 4.75% for 30 years.
past interst added to principal as well as past due escrow amounts.
Brings our payments to 42% of our gross monthly income.
I asked for terms of 4% or even lower to bring the payment more in the range of 31% as I thought they were supposed to do under the MHA guidelines? I guess my question is, did they violate laws in regards to our loan being lost for so long and is that why they worked so quickly on the mod? and do they have to follow the guidelines to make my payment as close to 31% of my gross, or can they offer what they want. I dont want to refuse the mod, but I feel like they are forcing me to take what they offer with no alternative???
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