Posted on: 30th Jan, 2010 07:27 pm
we accepted a loan modification in october 2009, it redued our principal by 80k and put us on an tiered adjustable rate over the next three year and then switching to a 6.75 fixed.
we are now in the position to qualify for 20-25% equity if we refinance, and should qualify for the best rate based on no debt and good credit. may questions:
1. we signed a very short letter from wachovia, sent our payment and that was it for the loan mod. our statement and credit reports both reflect the new lowered prinicipal, but we never received anything contract related from wachovia. if we try to re-finance, can they reatract their offer and put our princiapl back to its original amount? are there any potential negative with trying to re-finance?
are theire websites or any organization who vould speak to this? thank you
we are now in the position to qualify for 20-25% equity if we refinance, and should qualify for the best rate based on no debt and good credit. may questions:
1. we signed a very short letter from wachovia, sent our payment and that was it for the loan mod. our statement and credit reports both reflect the new lowered prinicipal, but we never received anything contract related from wachovia. if we try to re-finance, can they reatract their offer and put our princiapl back to its original amount? are there any potential negative with trying to re-finance?
are theire websites or any organization who vould speak to this? thank you
It is quite surprising to me that your lender did not give you the documents related to loan modification. I would suggest you to contact your lender and get hold of the related documents. Once your loan has been modified and you have the required proof, then you can apply for a refinance and check out if you can get one.