Posted on: 17th Jul, 2009 06:26 am
I've been paying for my home for 7 years, I owed 271,000 have not paid mortgage for 9 months and just got a home modification from
Bank o f America, originally Countrywide; it shows that the
Arm Rate has reduced from 8.25% rate has gone down to 6.50%. My original payment was 2800.00/month. The loan modification amount is 2800.00 (same amount) and my principle went from 271, 000 t $298,000 (new loan)for another 30 years. The house is worth 271,000 the same as we bought in 2001 according to our appriasal. What options do I have regarding renegotiating since I've not signed the documents. This is like buying a new home for $298,000 and what happened to the 7 years we've been paying? where did the money and 7 years of payment go?
Bank o f America, originally Countrywide; it shows that the
Arm Rate has reduced from 8.25% rate has gone down to 6.50%. My original payment was 2800.00/month. The loan modification amount is 2800.00 (same amount) and my principle went from 271, 000 t $298,000 (new loan)for another 30 years. The house is worth 271,000 the same as we bought in 2001 according to our appriasal. What options do I have regarding renegotiating since I've not signed the documents. This is like buying a new home for $298,000 and what happened to the 7 years we've been paying? where did the money and 7 years of payment go?
Are you not aware of your balance mortgage amount? if not ask it from the lender. also $2800 seem to be very high. check it once again.
my suggestion is not to sign any paper. They are charging very high.
my suggestion is not to sign any paper. They are charging very high.
I will suggest please discuss issue with lender.
do not take fast decision it will throw you in loss