Posted on: 05th Apr, 2009 07:07 am
:roll: I have been in my home for 16 years i have 30 yr fixed i fell behind on payments I remodified my loan instead of having 14 yrs left they say i have 30 yrs what happened to 16 yrs
ARLINE
ARLINE
Hi coneyislandny!
Welcome to forums!
As your loan term was modified due to the loan modification, I think the interest rate was reduced. As the interest rate was reduced, the loan term was increased. Thus, you will have to pay a lesser amount for a longer period of time in order to clear off the mortgage dues.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As your loan term was modified due to the loan modification, I think the interest rate was reduced. As the interest rate was reduced, the loan term was increased. Thus, you will have to pay a lesser amount for a longer period of time in order to clear off the mortgage dues.
Feel free to ask if you have further queries.
Sussane
Hi Arline, As to what you said, You refi the loan correct? They more then likely lowered the interest rate as stated above in which the whole loan will start over at a lower monthly rate. You will start all over at 30 years again.
it sounds like you refinanced your loan without knowing all the details. The lender didn't tell you that the loan was 30 year fixed? Have you talked to them about this?
What they said is that they would put the money i owed on the back of my loan. They said the loan would be modified and that i could not refinance at the time that i would have to wait at least 6 months to a year.
Hi Arline!
Welcome back to forums!
You were delinquent on your mortgage payments and thus applied for a loan modification. The lender accepted your request and modified the loan. He gave you a new repayment plan wherein your interest rate was reduced so that you could pay off the debts easily. However, by doing so, the lender increased your loan term.
As your loan is modified, you need to make regular payments for at least 8-12 months in order to refinance the loan.
Feel free to ask if you have further queries.
Sussane
Welcome back to forums!
You were delinquent on your mortgage payments and thus applied for a loan modification. The lender accepted your request and modified the loan. He gave you a new repayment plan wherein your interest rate was reduced so that you could pay off the debts easily. However, by doing so, the lender increased your loan term.
As your loan is modified, you need to make regular payments for at least 8-12 months in order to refinance the loan.
Feel free to ask if you have further queries.
Sussane