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Home Affordable Modification

Hello, Today I received all the paper work needed to continue with the process , and as I read I realized that my principal would change from 475000 to 548000 , and that 212k would be deffered principal and the rest would receive a 3.78% interest rate. Do you think that it would be a good idea to accept the proposal , or just walk away? BTW: my home is valued at 311k
  • May 25 2012 - Vista
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Answers (1)

Your amount owed isn't changing. The 73000 of payments and interest that you neglected to pay are being added to your principal. If the new payment at 3.78 for a portion of the balance is comfortable that is an incentive to stay. If you decide later you don't feel like paying anymore you could always redefault which is common occurrence for many other modified loans.
  • May 26 2012
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