[ARCHIVED THREAD] - Mortgage modification (Page 1 of 2)
Posted: 4/26/2011 8:33:47 PM EDT
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My wife and I didn't qualify for the mortgage modification. But our mortgage company did modify our loan , from 9.6% to 2.5 % .
We got behind last year by a couple of months and kept accruing late fees to the point that I thought we would be in foreclosure sometime this year. Now we are looking at paying our house off in 5 years. If someone is in a similar position , I urge them to apply. Even if you don't qualify , your bank may go through on their own. |
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My wife and I didn't qualify for the mortgage modification. But our mortgage company did modify our loan , from 9.6% to 2.5 % . We got behind last year by a couple of months and kept accruing late fees to the point that I thought we would be in foreclosure sometime this year. Now we are looking at paying our house off in 5 years. If someone is in a similar position , I urge them to apply. Even if you don't qualify , your bank may go through on their own. I have to vigorously disagree. My wife and I have our mortgage through Wells Fargo. We applied for a mortgage modification in December of last year. We were paying 1600/month on a 20 year loan. They just gave us an offer 2 days ago of 1549 on a 51 year plan. THEY CAN KISS THE FATTEST PART OF MY ASS. Baiscally if we took this offer we would end up paying roughly $750,000 on a $270k loan. |
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Quoted: Yeah, Im glad you get to keep your home. My wife does these mortgage modifications. On the other hand we pay our mortgage on time. Our rate is 4.875%. My wife and I didn't qualify for the mortgage modification. But our mortgage company did modify our loan , from 9.6% to 2.5 % . We got behind last year by a couple of months and kept accruing late fees to the point that I thought we would be in foreclosure sometime this year. Now we are looking at paying our house off in 5 years. If someone is in a similar position , I urge them to apply. Even if you don't qualify , your bank may go through on their own. Isnt it funny that those who dont pay their mortgage on time get a 2.5% interest rate and those of us who do pay timely have to pay twice as much? Our govt regime rewards failure and penalizes success. Just so you know though, Im not knocking you, Im just a little frustrated with the system. Congrats on saving your home OP. |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. We didn't qualify for the Gov tit. Technically , all but 2 months I had paid according to the originall agreement despite my wife being out of work for 2 yrs with a new son who is paid for in full . To include a c-section on a diabetic 38 y/o mother . Paid for ! Again , I didn't qualify for Barny and Chris's bail out . |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. I am tired of hearing sob stories about the big, mean mortgage company screwing people. From the interest only to balloon payment loans - sign the contract, make your payments, or walk away. Yes, people lose jobs, have health problems, etc. That's not what I have a problem with. It's agreeing to specific terms, failing to hold up your end of the bargain, then getting a lower-than-market-price renegotiated loan. Tax payers are picking up the difference, and that is fundamentally wrong. |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. You're such a visionary. Too bad people get laid off after working at the same place for 10 years. Too bad people run into hardships. What a Charlatan point of view you have. Shit happens. It's called life. |
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I have to vigorously disagree. My wife and I have our mortgage through Wells Fargo. We applied for a mortgage modification in December of last year. We were paying 1600/month on a 20 year loan. They just gave us an offer 2 days ago of 1549 on a 51 year plan. THEY CAN KISS THE FATTEST PART OF MY ASS. Baiscally if we took this offer we would end up paying roughly $750,000 on a $270k loan. the wife of one of the folks at work is a loan officer with WF. i just texted him and asked him to ask his wife if WF offers "51 year mortgages". i got back "LoL. the longest mortgage WF currently underwrites is 40 years, and they are very far and very few between, basically only for special situations and not generally for refi's." i think someone made a typo on your paperwork –– are you sure it isn't 15 years, not 51 years? because it they are offering you 1529/mo on a 15yr compared to your 1600/mo on a 2yr, i would "jump in it"! ar-jedi |
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Too bad I'd have to stop making payments and live free for months in the house I agreed to pay for before I was "rewarded" for my behavior with a 2.x% interest rate....a significantly lower rate than many who managed to give up other shit in order to hold up their end of a mortgage obligation. The "I paid for my other stuff though!" is just icing on the "life's too tough for me, give me stuff" cake.  |
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you must have had real bad credit to have a 9.6% interest rate in the 1st place - that should have told you something.
I never will understand this. I have very good credit and ear good money but I never in my entire life would get such a low interest rate as you have and I have never missed a payment and have no debt except my mortgage - something is seriously f... up |
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I have to vigorously disagree. My wife and I have our mortgage through Wells Fargo. We applied for a mortgage modification in December of last year. We were paying 1600/month on a 20 year loan. They just gave us an offer 2 days ago of 1549 on a 51 year plan. THEY CAN KISS THE FATTEST PART OF MY ASS. Baiscally if we took this offer we would end up paying roughly $750,000 on a $270k loan. the wife of one of the folks at work is a loan officer with WF. i just texted him and asked him to ask his wife if WF offers "51 year mortgages". i got back "LoL. the longest mortgage WF currently underwrites is 40 years, and they are very far and very few between, basically only for special situations and not generally for refi's." i think someone made a typo on your paperwork –– are you sure it isn't 15 years, not 51 years? because it they are offering you 1529/mo on a 15yr compared to your 1600/mo on a 2yr, i would "jump in it"! ar-jedi I agree. That modification makes no sense whatsoever. |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. I say good for Him!! 
Paying is for "Suckas"... 
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you must have had real bad credit to have a 9.6% interest rate in the 1st place - that should have told you something. I never will understand this. We got into the house under a Lease with option in 2000 , first loan was an ARM. We just barely got refinanced in '04 after it had adjusted to almost 13%. After getting behind last year we were able to catch up the regular payment but never could overcome the late fees like certified letters and revaluations (guy in a van rolls up and takes a picture for $120) . I was ready to walk away but applied and was denied . I kept making payments to buy time and an agreement came . The agreement is that we can't pay it off in 12 mo without penalty , 2.5% for 5 yrs ,and then 5% . I know my wife and I got lucky , I was just hoping our experiance would be helpful to someone. |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Sometimes shit just happens. This morning (4/26) at about 7:30am, my sister-in-law's husband fell asleep on the highway. His truck left the road, went up an embankment, flipped a few times, and hit a tree. Known damage right now includes: two broken humerus bones (including 1 compound fracture), broken collar bone, broken femur, face and head trauma, laceration on his neck puncturing his esophagus, and lacerated liver, pancreas, stomach, and femoral artery. He's expected to be in a medical coma for 2+ weeks and the doctors are planning about a dozen more surgeries. He's the breadwinner. His wife stays at home with their 1 and 2 year old girls while going to school part time. Sometimes people live within their means but shit happens. He has Aflac but it will only provide 60% of his base pay. He works a substantial amount of overtime which they will not be compensated for with his disability policy. What's YOUR solution? 
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Too bad I'd have to stop making payments and live free for months in the house I agreed to pay for before I was "rewarded" for my behavior with a 2.x% interest rate....a significantly lower rate than many who managed to give up other shit in order to hold up their end of a mortgage obligation. The "I paid for my other stuff though!" is just icing on the "life's too tough for me, give me stuff" cake. This is what is breaking our economy. |
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My bank looks like it rolled what late fees we had into the new loan against what we had in equity. By dropping our interest down to 2.5% they cut our payment in half.
We wouldn't have been able to refi ordinarily because of credit . They keep someone in the home and money coming in . |
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Quoted: My wife and I didn't qualify for the mortgage modification. But our mortgage company did modify our loan , from 9.6% to 2.5 % . We got behind last year by a couple of months and kept accruing late fees to the point that I thought we would be in foreclosure sometime this year. Now we are looking at paying our house off in 5 years. If someone is in a similar position , I urge them to apply. Even if you don't qualify , your bank may go through on their own. Wow, that's amazing. Thanks for posting your experiences, despite having to brave the wrath of the haters. It's good to know how it works. |
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you must have had real bad credit to have a 9.6% interest rate in the 1st place - that should have told you something. I never will understand this. I have very good credit and ear good money but I never in my entire life would get such a low interest rate as you have and I have never missed a payment and have no debt except my mortgage - something is seriously f... up OCWEN appears to be a very schizophrenic company and I'm not sure my battles are over considering a recent statement on an escrow account and hazard insurance. I pay my property tax and have uninterrupted homeowners insurance. They are hard to get in touch with and if you do talk to someone they are probably from India. 
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Call me Ishmael. We bought our house in 2002. Even though we could have afforded something much nicer in a much nicer neighborhood, we bought a house built in 1967 with a payment that we could easily afford. In 2005, I took a risk and started my own business. We knew, even if it failed, we could still afford our house payment on my wife's salary. It would be rough, but we could do it. Business went really well for 3 years. Then the economy took a dump. It started to get progressively harder to get jobs. I beat feet every spare minute I had to stay afloat. In early 2008 we found out my wife was pregnant. 99.9% effective isn't 100%. Our 3rd child was born in October '08. Kids aren't cheap. Business wasn't improving and her job ended up giving her an ultimatum: Take a pay cut or find a new job. She took the paycut. Now we were really hurting. We were barely keeping up. I kept up the lines of communication open with my creditors, including my mortgagor, but we were falling behind. Last year, we requested and were approved for, a loan modification. This allowed us to keep our house and stay afloat. I ended up shuttering my business at the end of 2010 and rejoining the "workforce". Things are better, money in the bank, and we still have our home and are still paying the bank the principal (which, BTW, is 40% more than the house is currently worth) that we originally contracted for, but at a lower interest rate. But, you're right. I'm just a suckling pig on the sagging breast of the fed. I guess we shouldn't have taken any risks, should have aborted our son, or just let the bank take the house back at a loss and gone homeless with my kids. I'll make sure to ask you for your words of wisdom first next time I'm confronted with real life problems and taking care of my family. |
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Some people have no clue what the economy is really like. Maybe it's because economic hardship is concentrated in certain parts of the country more than others but I have a hard time giving someone a ration of shit for having a hard time making their house payment at a time that there is NO WORK in my area. Every third house in a 1 hour drive is either empty or in foreclosure around me. Should I go spit in their face and tell them to get a damned job? I for sure as hell couldn't replace mine if I lost it. My company just hired two shit-hot die makers I used to work with (one was my boss) and both have been out of work from a respected company for over a year. Should I tell them they were sucking the teet?
Good for you if all the high horse folks in here have a guaranteed job living in Mayberry, a town that wouldn't know if the rest of the US was suffering mightily.
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. He could have walked away from it. At least he's trying to keep living up to some terms of it. But who am i to talk? I contemplate every day walking since over half the houses in my neighborhood has been walked out on which has fucked me in the value of my house. So what he took a mod. Essentially, isn't that the equivalent of the mortgage company eating some of the profit from the interest on a loan on an object that once had a higher market value? Meh......fuck the little man trying to get by and do the right thing right? That is what capitalism is all about now isn't it? |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. stop crying ... I'm going to have to agree with roboman. And I think just about everyone on here will too. Nice attempt at trolling though |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are.
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I have a 5% loan and zero problems paying it off, too bad I'd be fired if I started skipping payments so I could apply for a modification and save myself a ton of money...
Our culture is rapidly changing to reward everyone except those that do the right thing. Kharn |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! I always enjoy these threads for the "holier than thou" responses. |
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Quoted: Quoted: Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Call me Ishmael. ...snip... Ish - no shame in that at all. You steered yourself out of the skid and should be proud of that. Do you know how many fortunes most small business owners have borrowed / won / lost? Credit bruises are part of the game for entrepreneurs. What the holier than thou types don't understand is that you can do everything right and still get blown the fuck up. When I got sick and came close to dying in 2007 I ran up $400K+ in medical bills and my income was reduced to 60% of my salary plus dividends. Big hit. I got really lucky. I lived. It was mostly luck with just a smidge of planning that we pulled out of that one with our asses and credit intact. |
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Quoted: Quoted: Quoted: Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! I always enjoy these threads for the "holier than thou" responses. I'm not "holier than thou", I just expect that we would have to move if my wife and I lost our jobs or we had serious medical issues and we couldn't pay our mortgage. We do not 100% own our house, the bank owns the house via the mortgage lien and I signed a contract that made it abundantly clear that if I fail to make the payments I would get foreclosed (not that I would get rewarded with a 2.5% interest rate). There is no god-given constitutionally protected right to live in your house without paying for it.
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! WHAT THE FUCK IS WRONG WITH YOU? How the hell is he a leech? He didn't walk away from his debt, he negotiated a better deal and is living up to his end. He takes care of his family and pays his own way. He's not asking you or anyone here to pay for anything. Get the fuck over yourself. 
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! I always enjoy these threads for the "holier than thou" responses. I'm not "holier than thou", I just expect that we would have to move if my wife and I lost our jobs or we had serious medical issues and we couldn't pay our mortgage. We do not 100% own our house, the bank owns the house via the mortgage lien and I signed a contract that made it abundantly clear that if I fail to make the payments I would get foreclosed (not that I would get rewarded with a 2.5% interest rate). There is no god-given constitutionally protected right to live in your house without paying for it. WTF? He is still paying a 2.5% profit for the rest of his loan in addition to whatever his rate was before hardship. You think he got rewarded by getting fucked over by reality? Un-fucking-believable. What position would you prefer to be in? Paying all your bills on time and gainfully employed or losing your job and having everything fall apart but still managing to pay your bills despite adversity? In some of your twisted fucking minds that makes this honest, hard working man a leech on par with those who will not work and actively look for handouts. Disgusting, absolutely disgusting behavior here in this thread. It's not like he sought this out by choice rather than necessity. |
| I say good for you, atleast the house isnt sitting empty for non payment... you gotta do whats best for you and yours... fuck everyone else.... I know the feeling, shortly after we purchased our home my wife lost 400 a month out of her check... we are making it work, but Id sure as shit would rather have that money back each month, shit happens, you just have to make do with what you got.... |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Nevermind.... Should have known that the GD Morals Police would step in... |
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My wife and I didn't qualify for the mortgage modification. But our mortgage company did modify our loan , from 9.6% to 2.5 % . We got behind last year by a couple of months and kept accruing late fees to the point that I thought we would be in foreclosure sometime this year. Now we are looking at paying our house off in 5 years. If someone is in a similar position , I urge them to apply. Even if you don't qualify , your bank may go through on their own. I have to vigorously disagree. My wife and I have our mortgage through Wells Fargo. We applied for a mortgage modification in December of last year. We were paying 1600/month on a 20 year loan. They just gave us an offer 2 days ago of 1549 on a 51 year plan. THEY CAN KISS THE FATTEST PART OF MY ASS. Baiscally if we took this offer we would end up paying roughly $750,000 on a $270k loan. One thing about Wells Fargo they are the only bank that will let you short sell without missing payments 1st where most won't even talk to you til you miss 3 months |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Nevermind.... Should have known that the GD Morals Police would step in... I'm trying to see how the OP's getting anything from the government tit here. He and the lender renegotiated the mortgage contract with no involvement from FedGov. Nothing unusual about that - contracts get changed every day. As long as both sides agree, no harm no foul. My mortgage was also with WF. They contacted me last year about doing a modification, but it was a no-go since the loan amount wasn't high enough to qualify. So, I refi'ed instead, knocked years off the loan term, decreased the payment, and will recoup the fees by the end of this year. Less than a month after I signed the papers it was again bought by... WF. Go figure. |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! I always enjoy these threads for the "holier than thou" responses. I'm not "holier than thou", I just expect that we would have to move if my wife and I lost our jobs or we had serious medical issues and we couldn't pay our mortgage. We do not 100% own our house, the bank owns the house via the mortgage lien and I signed a contract that made it abundantly clear that if I fail to make the payments I would get foreclosed (not that I would get rewarded with a 2.5% interest rate). There is no god-given constitutionally protected right to live in your house without paying for it. marknh, my comment was directed at roboman, a person who, based on his statement, would lead me to believe that if he were a business owner, would outsource his employees jobs and then call them socialists because they used an option like a mod while he pocketed more cash from the outsourcing and then brag about his "capitalism". |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Nevermind.... Should have known that the GD Morals Police would step in... I'm trying to see how the OP's getting anything from the government tit here. He and the lender renegotiated the mortgage contract with no involvement from FedGov. Nothing unusual about that - contracts get changed every day. As long as both sides agree, no harm no foul. My mortgage was also with WF. They contacted me last year about doing a modification, but it was a no-go since the loan amount wasn't high enough to qualify. So, I refi'ed instead, knocked years off the loan term, decreased the payment, and will recoup the fees by the end of this year. Less than a month after I signed the papers it was again bought by... WF. Go figure. OP is not getting anything from the Gooberment Home loan is a contract between a person and a bank, its that simple if the Bank thought they could profit from getting the home back they would of waited for it to be foreclosed on, but it was more profitable for the bank to keep it in the homeowners hands. And for all the ones that say, its not fair because I pay 6%, remember no one forced you to sign the contract between you and your bank. And for all you fools that say I am debt free except my mortgage, do you listen to yourself, and take it from me I have been debt free my entire life, it does not make cents since your mortgage is your largest debt. |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. You're such a visionary. Too bad people get laid off after working at the same place for 10 years. Too bad people run into hardships. What a Charlatan point of view you have. If your house was purchased in a reasonable proportion of your means then 10 years at the same job should be more than enough time to get some cash saved up on the side to cover several years of unemployment. I've been working full time for 7 years now and I've got about 2 years worth of mandatory bills saved up (Mortgage, Insurance, Property Taxes, Food, Utilities) assuming zero assistance. If things went to shit, that money would stretch considerably longer if I worked ANY job while looking for the right job. It's not that hard if you establish a healthy savings rate and aim low when it comes to setting your budget for a home. The bank would have loaned me twice as much for a house back then. I don't have a big house but I can sleep well at night. 
If buying a house prevents you from having a firmly established savings rate, then you ought to be looking for a smaller house or renting. I'm tired of this shit where people inflate their lifestyle right up to the boundaries of their current means and then talk about hardship when things go south. |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Punish the successful and responsible and reward the leeches....it's the Obama way! I always enjoy these threads for the "holier than thou" responses. I'm not "holier than thou", I just expect that we would have to move if my wife and I lost our jobs or we had serious medical issues and we couldn't pay our mortgage. We do not 100% own our house, the bank owns the house via the mortgage lien and I signed a contract that made it abundantly clear that if I fail to make the payments I would get foreclosed (not that I would get rewarded with a 2.5% interest rate). There is no god-given constitutionally protected right to live in your house without paying for it. sorry for the quote tree, im on my phone. Now that thats out of the way, I find posts like this extremely ironic. You seem to think its the "respectable" thing to do to just walk away, while renegotiatiang a contract is a douchebag move. im trying to figure out hiw that works. Negotiating a solutiin that is acceptable to both parties is somehow worse than telling the other party to fuck off, eat the loss bitches! interesting theory |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Nevermind.... Should have known that the GD Morals Police would step in... I'm trying to see how the OP's getting anything from the government tit here. He and the lender renegotiated the mortgage contract with no involvement from FedGov. Nothing unusual about that - contracts get changed every day. As long as both sides agree, no harm no foul. My mortgage was also with WF. They contacted me last year about doing a modification, but it was a no-go since the loan amount wasn't high enough to qualify. So, I refi'ed instead, knocked years off the loan term, decreased the payment, and will recoup the fees by the end of this year. Less than a month after I signed the papers it was again bought by... WF. Go figure. OP is not getting anything from the Gooberment Home loan is a contract between a person and a bank, its that simple if the Bank thought they could profit from getting the home back they would of waited for it to be foreclosed on, but it was more profitable for the bank to keep it in the homeowners hands. And for all the ones that say, its not fair because I pay 6%, remember no one forced you to sign the contract between you and your bank. And for all you fools that say I am debt free except my mortgage, do you listen to yourself, and take it from me I have been debt free my entire life, it does not make cents since your mortgage is your largest debt. I guess you've never heard of Fannie Mae or Freddie Mac. |
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I'm sure the bank looked at the life of the loan and considering that I had paid almost 10% for almost 10 yrs at the front of the loan they decided I was worth the risk.
I too was taken aback at the 2.5%, but it does adjust to 5% in 5yrs. The bank has dictated therms all along and I have never defaulted. Hopefully my wife and I can own it outright in 5 yrs. |
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I'm sure the bank looked at the life of the loan and considering that I had paid almost 10% for almost 10 yrs at the front of the loan they decided I was worth the risk. I too was taken aback at the 2.5%, but it does adjust to 5% in 5yrs. The bank has dictated therms all along and I have never defaulted. Hopefully my wife and I can own it outright in 5 yrs. Excellent deal OP! Just to be clear, is the mortgage rate 2.5% for years 1 to 4 and then 5% for year 5? No balloon payment at the end of 5 years? |
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Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. Nevermind.... Should have known that the GD Morals Police would step in... I'm trying to see how the OP's getting anything from the government tit here. He and the lender renegotiated the mortgage contract with no involvement from FedGov. Nothing unusual about that - contracts get changed every day. As long as both sides agree, no harm no foul. My mortgage was also with WF. They contacted me last year about doing a modification, but it was a no-go since the loan amount wasn't high enough to qualify. So, I refi'ed instead, knocked years off the loan term, decreased the payment, and will recoup the fees by the end of this year. Less than a month after I signed the papers it was again bought by... WF. Go figure. OP is not getting anything from the Gooberment Home loan is a contract between a person and a bank, its that simple if the Bank thought they could profit from getting the home back they would of waited for it to be foreclosed on, but it was more profitable for the bank to keep it in the homeowners hands. And for all the ones that say, its not fair because I pay 6%, remember no one forced you to sign the contract between you and your bank. And for all you fools that say I am debt free except my mortgage, do you listen to yourself, and take it from me I have been debt free my entire life, it does not make cents since your mortgage is your largest debt. I guess you've never heard of Fannie Mae or Freddie Mac. And what is it costing compared to foreclosure,and that's even if it is a insured loan and forgive me if I am not a expert always paid cash for my homes, But I am sure it was not as big as most on here |
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Quoted: Quoted: Quoted: Too bad you couldn't live up to the terms of your original loan agreement. Maybe if you had bought within your means then you wouldn't have had this issue. Congrats on grabbing some milk from the government tit. stop crying ... I'm going to have to agree with roboman. And I think just about everyone on here will too. Nice attempt at trolling though CoC won't allow me to say what I'd like to say to those like roboman. Life happens sometimes OP. Good on you for surviving through it. |
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Congrats on signing a contract then finding a way to get rewarded for not living up to your side of it. Meanwhile people like myself who have never missed a mortgage payment and have excellent credit have to jump through hoops just to refinance their mortgage from 6.5% to 5.5%. Just another example of how fucked up things are. Have to agree with my fellow New Hampshire guy. I'm in the exact same boat as you Mark, 6.375% rate fixed and it would cost me thousands just to get down to 5.5% and even then it's not even $100 a month savings. But my douche of a neighbor makes $75k a year, of which $50k is under the table give or take, and he gets a modded mortgage to 2% after not paying shit and living large for 6 months. Things are very fucked right now. |