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I am currently working with Wells Fargo on loan modification. I missed a few payments and now am abo

  • April 09 2013 - Wheaton
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Sorry was cut off. I am behind about $7,000 and they are proposing a modifcation that makes me current and lowers by  montly payment about $300 (interest rate from 4.85 to 4 percent). But my maturity date changes from 2040 to 2053. The current 480 payments would have me ending up paying $706,000 on a current balance of $224,000. I'm looking at the length of time and amount eventually paid and wondering if worth it. Or should I not be concerned with that "end date" and accept deal, get current, lower my monthly payments for a period of years, and then refinance to try and get back to my original 2040 end date? We figure we will be staying in the house. The original issue was that I was having trouble making the higher monthly payment and the current monthly payment would be more doable. Don't think I can pay off the past amount due and maintain current monthly payment. Weighing lower cost vs. longer terms, but is that standard? Or just ripping me off with interest? Any thoughts or other options?
  • April 09 2013
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  • April 09 2013
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