Posted on: 25th Apr, 2009 07:00 am
I had applied for a loan modification with my lender last year
and was given a 3.85% fixed for 27 years on my first mortgage with a balance of $380,000.00. My concern is the value of the home has dropped even more from 462,000 which is now $305,000. Although I accepted their offer then I am thinking now that shouldn't my lender have adjusted the balance to the current market value also? I still have a second
mortgage with a balance of 110,000 @ 2.2% fixed for 2 years only. Do you think I will qualify with Obama's mortgage rescue plan?
and was given a 3.85% fixed for 27 years on my first mortgage with a balance of $380,000.00. My concern is the value of the home has dropped even more from 462,000 which is now $305,000. Although I accepted their offer then I am thinking now that shouldn't my lender have adjusted the balance to the current market value also? I still have a second
mortgage with a balance of 110,000 @ 2.2% fixed for 2 years only. Do you think I will qualify with Obama's mortgage rescue plan?
If you are able to make the payments, then your loan should not be modified. Your rate is below market levels. Your home value is lower than your loan balance. Your home is an investment. Right now, your investment is not looking too good and you will have to wait a while before it will turn around.
The bank should not have to lose money because your value has declined. Those losses belong to you. In similar fashion, if you buy stock and the price declines, nobody will bail you out in that scenario either.
Bottom line, you have rates of 3.85% and 2.2%....unbelievable.
The bank should not have to lose money because your value has declined. Those losses belong to you. In similar fashion, if you buy stock and the price declines, nobody will bail you out in that scenario either.
Bottom line, you have rates of 3.85% and 2.2%....unbelievable.
agree with eric. you got the best possibel rates from yoru bank and even it is hard to get those rates in this market.
which bank is this?
remember the lenders do nto refinance based on your house value. the refinancing is based on the goverment program and you need to show soem hardship.
which bank is this?
remember the lenders do nto refinance based on your house value. the refinancing is based on the goverment program and you need to show soem hardship.
