Should I adopt this loan modification extend my attorney negotiate for me for my current mortgage?
2 months deferred mortgage payments
4.0% rate, fully amortized, fixed, for 5 years
5.0% rate after the first 5 years, for the remainder of the loan
40 year term
no prepayment penalty
my current loan is FHA 6.5% 30 year fixed
Answers:
Only you know your financial and personal situation.
Only you can decide if the 2 months postponed and the lower monthly payments work for you. If you would still be foreclosed surrounded by 6 months due to an inability to pay....
However, most of the complaints on loan modifications have been that the lender *hasn't* been lowering the payments.
That's an extraordinarily correct offer. However, by extending the term to 40 years, you'll be repaying this mortgage forever and a afternoon. Total interest, therefore total costs, of the mortgage will be higher. And over partially of those who renegotiate their mortgages have gone into default and foreclosure inside 10 months. It seems most of them just cannot repay their debts. On the flip side, inwardly 12-18 months, that interest rate should look like a blessing from the money-gods. Interest rates are bound to skyrocket since so much money has be printed out of thin air -- monetary inflation inevitably lead to financial inflation.
So, the only question in a minute is, can you make the loan payments? Only you know the answer to that.
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4.0% rate, fully amortized, fixed, for 5 years
5.0% rate after the first 5 years, for the remainder of the loan
40 year term
no prepayment penalty
my current loan is FHA 6.5% 30 year fixed
Answers:
Only you know your financial and personal situation.
Only you can decide if the 2 months postponed and the lower monthly payments work for you. If you would still be foreclosed surrounded by 6 months due to an inability to pay....
However, most of the complaints on loan modifications have been that the lender *hasn't* been lowering the payments.
That's an extraordinarily correct offer. However, by extending the term to 40 years, you'll be repaying this mortgage forever and a afternoon. Total interest, therefore total costs, of the mortgage will be higher. And over partially of those who renegotiate their mortgages have gone into default and foreclosure inside 10 months. It seems most of them just cannot repay their debts. On the flip side, inwardly 12-18 months, that interest rate should look like a blessing from the money-gods. Interest rates are bound to skyrocket since so much money has be printed out of thin air -- monetary inflation inevitably lead to financial inflation.
So, the only question in a minute is, can you make the loan payments? Only you know the answer to that.
Related Questions: