OMG! Loan Modification

iVillage Member
Registered: 10-16-2007
OMG! Loan Modification
5
Tue, 06-02-2009 - 7:51pm
I have had my mortgage since 2005 and I have never escrowed. After trying to add escrow to my mortgage, I was told that I would have to come up with $3000 before they would do it. Well, I couldn't come up with that so I figured forget it.
A few weeks ago I logged onto my mortgage website and it had an ad about President Obama's loan modification programs. The criteria was you can't have a loan greater than $720,000 you dont need to be late on any payments (which I always pay my mortgage on time). So I filled out the papers, all I really wanted to do was escrow my taxes and insurance and thats exactly what I told the woman who took my info.
Well, today I get a UPS overnight package in the mail and it says Congratulations on your loan modification! After reading it, they are lowering my interest rate from 7.49% to 5%, starting escrow for me (without me having to pay the $3000), and my mortgage payment is going from $1937 (without escrow) to $1778 (with escrow). I AM SOOOOOO EXCITED!!!! I can't believe that they were able to do this for me.
Sorry this is so long. So for anyone who has a mortgage try calling you mortgage company and see if they can do a modification for you! It's worth the try.
Lilypie 2nd Birthday Ticker

















Lilypie 2nd Birthday Ticker





href="http://www.TickerFactory.com/debt/wNS2tfv/">
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 06-02-2009 - 11:30pm
Fantastic!

All my best,
Danni

iVillage Member
Registered: 10-01-2008
Wed, 06-03-2009 - 8:28am

WOW!

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 03-27-2005
Wed, 06-03-2009 - 10:22am

So how is the escrow working without you putting money into it?

iVillage Member
Registered: 10-16-2007
Wed, 06-03-2009 - 7:58pm
Thats how this whole process started. I had just wanted to escrow my taxes and was told I had to come up with $3000 off the bat, that's when I decided to do the modification paperwork. My taxes aren't due until August of this year, but I believe what they do is advance you that amount and then each month when you pay, you are paying towards that advance. If I understood it correctly that is how they do it.
Lilypie 2nd Birthday Ticker

















Lilypie 2nd Birthday Ticker





href="http://www.TickerFactory.com/debt/wNS2tfv/">
iVillage Member
Registered: 03-27-2005
Thu, 06-04-2009 - 8:46am

Ok that makes sense.