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My current mortgage is$1167,744.91 I have a negative escrow of $8672.24 where they paid my property taxes, and my rate is 7.25% fixed, and I am 2 almost 3 months behind. This is what they offered 5% fixed for 5 years then after that goes back to original rate, then they took 20,000 off my balance however I still owe the money at the end of my term or if I sell my home. Waived all late fees and my account will be current with 1st payment of $789.75 principal due on May 1st. My current mortgage is $1491.00 which included a $285.54 payment that went torwards my negative escrow. I will not have a escrow and will have to pay all my taxes and insurance. I am a little concerned about the rate going back up, my original rate was 9% then got a modification a few years ago for the 7.25%. Do you think this is a fair deal or are they trying to take advantage of me? Do you think economy will get better in the 5 years and I will be able to sell the house and get out of a $183,000 mortgage, right now houses in my neighborhood are selling around $145,000-$160,00? Any other suggestions would be great. Thank you Jennifer
Not fair. YOU are taking advantage of them. You took their money, you agreed to the interest rate. It is now you who are trying to screw them over, you who decided to be a greedy person and take things not rightfully yours. They are offering you a great deal, you are making a ton off their generosity.
I cannot tell from the information you are giving, but in general, it sounds like an pennsylvania modification, not the best. They are willing to cut your interest rate to 5% for five years, and at the end of that time, reduce your balance by $20,000. A better deal would be to reduce your principal to current market conditions and give you a fixed rate for a period of time for a certain number of years, in effect, treating you as a new buyer. However, few banks are this generous. One thing you can count on are interest rates going up and property prices going up in five years in most locations. We are in the depths of the housing bust now; there is bound to be some upswing in five years. This deal might actually work for you in the long term. If I were you, and I could afford it, take it. Worry about what will happen in five years down the road for now. It is essential that you meat with a tax accountant now, and perhaps a real estate attorney. You must be sure you will not owe anything to the IRS since debt forgiveness might be treated as income. Your attorney can also try to negotiate other terms for you.
That is a very fair modification - I doubt that the rate will increase to 9% ever! I want you to think seriously about this - can you replace your home (lifestyle) with an apartment in the $780.00 per month range?
There is nothing "fair" about a modification to begin with. You took money from the bank and agreed to pay it back at conditions YOU agreed to. YOU failed to live up to that agreement. YOU took advantage of THEM....not the other way around.
You will not find better. You would need thousands in cash to find a new lender and a better rate. Yes in 5 yrs if the home is well maintained and upgrades added it will increase in value.
Oh permit's no longer forget approximately each and all the "irregularities" on the books.... and in accounting words irregularities on a brilliant scale potential embezzlement and different styles of criminal pastime. yet to be basic I doubt it replaced into the individuals that have been procuring their first abode have been those to blame plenty because it replaced into the bankers themselves pushing human beings into greater high priced properties then they needed besides. i've got talked to many people who have tried to get loans basically to be pronounced "the abode wasn't helpful sufficient for them to be bothered with" forcing them to circulate look for a greater high priced one. All in all i think of the whole element is a considerable rip-off performed on us by potential of the super bankers.