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Answers (9)
- Ed Bisquera, "edbisquera"
- Contributions:31
removed answer.
- michael seligman, "mjseligman"
- Contributions:214
Make sure you get it on paper, but take it.... run it by your bk attorney for advise but many home owners are having trouble getting offers....
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
Sounds good as far as the rate is, it seems to indicate that they qualified you for hamp. Too bad they didn't give you a principal reduction, i would ask them for that. It is difficult to get a bank to reduce your principal, as they rarely do.
I assume they will put you into a trial loan mod, if you don't know what that means here is some info you will need http://www.callalms.com/blog/2009/what-is-a-trial-loan-modification/ and also this article:
http://www.callalms.com/blog/2009/more-to-know-about-trial-loan-modifications/
If you have any issues we are here to help!
I assume they will put you into a trial loan mod, if you don't know what that means here is some info you will need http://www.callalms.com/blog/2009/what-is-a-trial-loan-modification/ and also this article:
http://www.callalms.com/blog/2009/more-to-know-about-trial-loan-modifications/
If you have any issues we are here to help!
- CORONA NICK
- Contributions:2218
Right now, you have leverage over the bank, they need you to pay your mortgage more than ever before, they are going broke....lol
- CORONA NICK
- Contributions:2218
In my opinion, any modification that does not LOWER YOUR PRINCIPLE is not a good modification, all you are doing is kicking the can down the road, and in 5 years, you'll be giving back the house you basically rented.
Some are right to say, you signed a contract, and that contract says, if you dont pay your mortgage, they take the property, being way upside down, I would cut my losses, instead of trying to hold something that is not worth anywhere near the price you paid, you'll be a slave for life.
Some are right to say, you signed a contract, and that contract says, if you dont pay your mortgage, they take the property, being way upside down, I would cut my losses, instead of trying to hold something that is not worth anywhere near the price you paid, you'll be a slave for life.
- NTETS, "Mr Caveat"
- Contributions:6436
well, you are 51% underwater, and planning on paying 890,000.00 over the life of the loan, close to 5 times its present value... i suppose it would depend on your definition of a "deal". i am going to point out that if you were going to lose the home, you should do it now while your credit still sucks.
Note: i exaggerated the numbers a touch, calculations were done on 200k/400k and 6.25 for simplicity's sake. calculations done by hand.
Note: i exaggerated the numbers a touch, calculations were done on 200k/400k and 6.25 for simplicity's sake. calculations done by hand.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Gregario was right on............seems like you are getting a good deal.
Good Luck
Good Luck
So ... It's a loan modification and it is better than what you have now ... right? They could have offered you nothing like most people get. You have a 6.25% now and they are offering you a 5% rate for the next 5 years, and am I to correctly understand that you are asking if you it's "good"? As in "good enough"?
It's better than nothing, which is what you are actually entitled to per the note you signed, more than most get and certainly more than they have to give anyone who would seriously ask "is this good" to a gift horse!
It's better than nothing, which is what you are actually entitled to per the note you signed, more than most get and certainly more than they have to give anyone who would seriously ask "is this good" to a gift horse!
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
You need to be more specific. It sounds as though you are describing an adjustable rate loan vs a fixed rate.
If so, the rate is way high.
If so, the rate is way high.
Offered interest rate of 5% for 5 years and then back to the original interest rate. Is this good?
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