WAMU Pay Option Arm Modification Success! ( My 2nd Loan mod in 3 months ) - Loan Modification Forum

Looking4Help · 07-29-2008, 08:08 PM

After getting my primary residence loan modified from a MTA pay option ARM with CountryWide to a 5 year fixed Interest only at 4% I then began working on my rental property with WAMU. I had a MTA pay option on this property also. I was approved for a step up loan modification which is the following. Fixed at 3% for 2 years then 4% for the 3rd year and the 5% for the life of the loan ( 30 years ) This is a traditional loan not an interest only. So I went from paying one amount and having deferred inetrest every month to paying 200 less for the next 2 years and actualy paying down principle. When the loan goes to 5% it will be about what I am paying now on the minimum payment option but I will be paying down balance instead of watching it go up. Both of my homes saved! Thanks everyone!

Moe Bedard · 07-29-2008, 08:15 PM

That is awsome!!

Congratulations to you!!

07-29-2008, 08:08 PM	#1 (permalink)
Looking4Help Member Join Date: Apr 2008 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	WAMU Pay Option Arm Modification Success! ( My 2nd Loan mod in 3 months ) After getting my primary residence loan modified from a MTA pay option ARM with CountryWide to a 5 year fixed Interest only at 4% I then began working on my rental property with WAMU. I had a MTA pay option on this property also. I was approved for a step up loan modification which is the following. Fixed at 3% for 2 years then 4% for the 3rd year and the 5% for the life of the loan ( 30 years ) This is a traditional loan not an interest only. So I went from paying one amount and having deferred inetrest every month to paying 200 less for the next 2 years and actualy paying down principle. When the loan goes to 5% it will be about what I am paying now on the minimum payment option but I will be paying down balance instead of watching it go up. Both of my homes saved! Thanks everyone!

07-29-2008, 08:15 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WAMU Pay Option Arm Modification Success! ( My 2nd Loan mod in 3 months ) That is awsome!! Congratulations to you!! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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