Posted on: 14th Jan, 2010 05:26 pm
With the home loan modification program- if qualified... do you have to make payments back to the mortgage company as if you owe them??
Or would the new rate/mortgage be fixed with no additonal fee's added? I was told there are no fees involved. ??? Need some clarification before I apply- I am current with my payments but find it somewhat difficult to pay mortgage due to these high cc interest rates and fees.
Or would the new rate/mortgage be fixed with no additonal fee's added? I was told there are no fees involved. ??? Need some clarification before I apply- I am current with my payments but find it somewhat difficult to pay mortgage due to these high cc interest rates and fees.
Hi Sonketi!
Welcome to forums!
While modifying your mortgage, the lenders will charge you a minimum fee. With the help of a loan modification, you would receive a repayment plan with a revised interest rate to pay off the loan. In turn, the lender will increase the term period to pay off the loan. This extended term period will help you in paying off the mortgage dues in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
While modifying your mortgage, the lenders will charge you a minimum fee. With the help of a loan modification, you would receive a repayment plan with a revised interest rate to pay off the loan. In turn, the lender will increase the term period to pay off the loan. This extended term period will help you in paying off the mortgage dues in full.
Feel free to ask if you've further queries.
Sussane