OMG! Loan Modification
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OMG! Loan Modification
| 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.
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.






All my best,
Danni
WOW!
Norma
"Patience is the best remedy for every trouble"- Plautus
So how is the escrow working without you putting money into it?
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Ok that makes sense.