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Answers (8)
- gstanford
- Contributions:4
The lender is Central Mortgage Company.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Way to go!!! Incredible terms, who is the lender?
- wetdawgs
- Contributions:26804
congratulations on your modification. Sounds like incredible terms. With a 40 year pay off schedule, hopefully you can pay ahead.
- gstanford
- Contributions:4
Good News. I contacted my mortgage company asking if they would consider modifying my loan at a fixed rate or would they consider extending the current 5-yr interest only loan at the 5.25%. I sent them a detailed letter that included my expenses, the fact that I have alway paid my mortgage on time, that I have an excellent credit score (800) and that I wanted to stay in my home. I was contacted by the mortgage company and was told that they modified the loan at 3.125% fixed for 480 months. I sign the papers yesterday and my payments go from $1435 to $1104. Thanks everyone for all of your suggestions.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
an increase in payment is a hardship and it sounds like you may have many others. check with a professional to evaluate your sitation as it sounds like you tried to do it yourself and got denied. it is not unusual to get denied and then resubmit and get the modification, did you ever get placed into a trial mod?
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
Switching to an principal and interest fixed rate loan will jack your payments up by a lot more than $85/mo. If you are concerned with an $85 adjustment, keep what you have and see what the future brings. Pray for a return of equity and/or a new bailout program that might actually work.
- dododad ododdod, "nononoononoddo"
- Contributions:233
You won't be looked for a loan modification until you show the bank some kind of hardship. For example, being late or showing financial hardships cause of the increase in payments will move the bank to start considering you for a loan mod.
- michael seligman, "mjseligman"
- Contributions:214
Congratulations. Last week another initiative was announced to allow upside down homeowners to refi -- in order to accomplish exactly what you want. There are requirements and not all lenders and servicing agents are up to speed yet, but the movement is on to get more solutions... keep your open over the next week or so and you will see if these options work for you......
Decision on mortgage loan
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