| View previous topic :: View next topic |
| Author |
Message |
Sahmama24
Joined: 19 Jan 2010
Posts: 26
Location: Delaware
|
| Posted: Tue Jan 19, 2010 11:51 pm Post subject: Mortgage Modification |
|
|
Hi,
I would like to introduce myself. My name is Jennifer. I am 24 years old and just spent the last year of my life trying to save my home!
It all started last January when we were told we could refinance with a new government plan. The catch - we had PMI. We were told to wait for an additional 2-3 months before asking about a modification.
In July we contacted the Office of the President at Bank of America. They asked us to send in our financial information and this started the process. In September we got a trial document package. It instructed us to pay a lesser mortgage payment for three months. We did just that.
Today we got our final documents to convert this into a permanent modification. Our rate went from 6.675% to 3.875% for the first five years. It is a "step" type program. It will never get higher than 5.125%. This beats our old rate by 1.5 points!
To those who feel stuck and can't refinance because of falling home prices - ask about a modification! It took so long to do...but, in the end it was worth it and now we are saving $300+ a month and can manage our finances better! |
|
| Back to top |
|
heidrek
Joined: 25 Jan 2010
Posts: 7
|
| Posted: Mon Jan 25, 2010 9:13 pm Post subject: |
|
|
Loan modifications are a great resource and can be a real lifeline to many people. there's alot of press about how hard it is to get a permanent mod etc. so it's great to hear some possitive feedback.
I do have a small ideological problem with the Mod program though - it seems to be there to try and bail out those who are in trouble, often due to their own bad decisions (borrowing to much for them to repay etc.) and ends up giving them access to much lower interest rates than are generally available, as you have demonstrated.
Meanwhile, those who have made sound decisions and have managed to avoid falling behind on payments cannot get access to those same rates and are stuck paying more interest. It seems a little like rewarding bad behaviour to me on one level.
that said I do see the necessity for such a program in current environment. |
|
| Back to top |
|
JPowell
Joined: 20 Jan 2010
Posts: 103
Location: PA
|
| Posted: Tue Jan 26, 2010 3:35 am Post subject: |
|
|
I disagree, I don't think people who are generally in debt and have bad credit habits get homes in the first place.
The issue arises later on when people are fired, or large things come up (severe illness, accidents etc) and cause financial issues to spring up and complicate matters. |
|
| Back to top |
|
mtgrate
Joined: 31 Jan 2010
Posts: 1
|
| Posted: Sun Jan 31, 2010 3:59 am Post subject: |
|
|
| Shit happens. Loan mods a necessary evil. |
|
| Back to top |
|
jhonny07
Joined: 31 Jan 2010
Posts: 10
|
| Posted: Sun Jan 31, 2010 5:02 am Post subject: |
|
|
| Applying for a loan can be really difficult for you have to consider several things, well lucky for you you had come up with the loan that is just right for you |
|
| Back to top |
|
TimtheMortgageGuy
Joined: 16 Jan 2008
Posts: 96
Location: Rosemount, MN
|
| Posted: Thu Feb 04, 2010 9:25 pm Post subject: |
|
|
JPowell wrote: I disagree, I don't think people who are generally in debt and have bad credit habits get homes in the first place.
The issue arises later on when people are fired, or large things come up (severe illness, accidents etc) and cause financial issues to spring up and complicate matters.
Your joking right. LOTS of people with bad credit and other weaknesses in their financial picture were granted mortgage loans. |
|
| Back to top |
|
| |
