Posted on: 30th Oct, 2012 02:15 am
Hi there… I had a mortgage which I couldn’t pay and applied for a loan modification. I was put into a trial modification and at the end of final trial modification payment, I got a letter from the bank that I’m in the rears for 10,200.00 including escrow, my payment in the trail period is 1,950.00. Does anybody have an idea of how much will my payment be after this?
Hi needydad,
As far as I know, if you do not have PMI insurance in your regular mortgage payment, and the trial is HAMP, then the permanent modified payment will be similar to that of the trial payment.
Take care
As far as I know, if you do not have PMI insurance in your regular mortgage payment, and the trial is HAMP, then the permanent modified payment will be similar to that of the trial payment.
Take care
Hi Guest,
After the trial modification gets completed, you will have to apply for a permanent modification. You should be prepared that in some cases the interest rate may differ from what you have received in your trial modification. As far as I know, if your new interest rate is below the market rate on the day you execute your HAMP contract, it will remain effective for five years.
Thanks
After the trial modification gets completed, you will have to apply for a permanent modification. You should be prepared that in some cases the interest rate may differ from what you have received in your trial modification. As far as I know, if your new interest rate is below the market rate on the day you execute your HAMP contract, it will remain effective for five years.
Thanks