Today, we received a HAMP loan modification for one of our
clients which lowered the monthly payment from $2,205.81 to $
1,010.90 – a savings of almost $1,200 a month!!! See the worksheet below which contains the details.
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Be careful with those documents. I see a lot of blank spaces. I don't see a break down of Principle, interest, insurance and taxes.What are the terms, is it a 30 year, fixed interest rate or interest only loan or one of their other funky crap offers. Our lender gave us a modification in 2009 and we are still battling this waiting to go to trial!
ReplyDeleteYea, most of these 'modifications' contain huge balloon payments, too. Sometimes in as little as 2 or 3 years. Add it all up and bankster _always_ maintains 100%.
ReplyDeleteJust a quick calculation, but a 15-yr fixed rate mortgage at 2% on $228,500 comes to $1470 for P&I alone. So, something's different. Where's the other 31.25% of this payment? ($1010.90 is only 68.75% of expected P&I). Then, what are we doing about Taxes & Insurance, another $277.59/month? I'm getting about $1,740 per month. Did I mention maturity also added 10 years. I'm thinking some clarification of terms is in order here.
ReplyDeleteI think I'm starting to see....prior mortgage has been paid on for 10 years, leaving a balance of just short of $100K. Adding some closing costs and finance at 2% for 15 years would get one to your payment including T&I.
ReplyDeleteBut, we're no longer talking of a $228,500 loan.
Why is the payment called "First Trial"? Is this one of the Banksters' "Trial Modifications"? How's this different from a straight refinance of $100K+closing at 2% for 15 years? Sure, half the payment for half the loan amount. But, also adds 5 years to term.
ReplyDelete