Posted on: 14th Sep, 2009 10:13 am
I did get a loan modification first year at 3% increasing annually up to 5% the 4 year. However I had tried to contact my negotiator for questions and I have been unable to do so. I like to asked what happens after the 4th year. They also asked me to start paying the new monthly mortgage bill in Oct and not to pay August and Sept. My principal shows an increase of over $3000 - is this interest for the 2 months? I used to pay $1500 plus a month. Of course they also charged me $500 for processing. Are employees not paid?
Since I was running out of time without been able to reach them, the new monthly was attractive I did sign the contract but I have not been able to speak with them no matter to whom I sent e-mail and faxes and calls in that co. Next time I give you the name.
Also can you modify with a bank who is not the holder of your mortgage?
Thanks so much for your time
Julia
Since I was running out of time without been able to reach them, the new monthly was attractive I did sign the contract but I have not been able to speak with them no matter to whom I sent e-mail and faxes and calls in that co. Next time I give you the name.
Also can you modify with a bank who is not the holder of your mortgage?
Thanks so much for your time
Julia
The new contract shoudl spelloutthe all the terms of the modficiation
I am notsure why you are not able to get any one on the phone to exaplin you the terms of modfication
I am notsure why you are not able to get any one on the phone to exaplin you the terms of modfication
Hi julsol,
It is true that your loan modification contract with the lender would include the terms and conditions of the loan. You should check out the loan modification documents in order to know more about the whole agreement. As far as I can understand, after 4 years you may have to pay off the loan as per your original interest rate. The interest that you haven't paid off for the last two months have been added to your principal. Thus, it has increased by $3000.
If you need a loan modification, you will have to speak to your current lender. Other lenders will not be able to help you in this regard. However, you can contact loan modification companies who can help you in negotiating with the lender.
Thanks
It is true that your loan modification contract with the lender would include the terms and conditions of the loan. You should check out the loan modification documents in order to know more about the whole agreement. As far as I can understand, after 4 years you may have to pay off the loan as per your original interest rate. The interest that you haven't paid off for the last two months have been added to your principal. Thus, it has increased by $3000.
If you need a loan modification, you will have to speak to your current lender. Other lenders will not be able to help you in this regard. However, you can contact loan modification companies who can help you in negotiating with the lender.
Thanks
you can refinance through another lender, but not mod, as james says above. you can get assistance from loan mod comapnies, and often free quotes, but the mod still has to go through your exxisting lender from what i understand