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Profile picture for mrssparkles

what happens after the 5yrs. of being on the hamp program to your interest rate and house payment,

 does your interest rate stay the same or change or the monthly payment change. i heard there is a balloon payment at the end is this true. can u get a modified loan if your 2 months behind on payments. thank you
  • December 28 2010 - Shelby Township
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Answers (2)

Profile picture for sunnyview
The modifications that I have seen generally been a 3 step process with an initial interest rate for the first 3-5 years, an increase in rate for the next 5-10 years and the final increase to a fixed rate for the last 20 years of the loan. Often these modifications do have an amount that is due at the end of the mortgage, upon sale or transfer.

If you need a modification, I would start with your bank and see if they can help you. You might also try the free government sponsored website Making Home Affordable to see if they have advice that might help you. Another good resource is Hope Now. They have a self assessment to see what programs might be available to help. Do not wait. Get the info now and if you cannot afford to keep your home, do what you can to make arrangements with the bank to sell it.
  • December 28 2010
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Hi,

Your lender should be able to give you the specifics of the program that you are in. I would contact them and have them send you out the explanation in writing. You may be able to get a loan modification, but again, only your current lender can answer this question.

Mark
  • December 28 2010
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