Mortgage Forum

Mike

I just found this forum and I want to tell my story: My wife and I purchased our first home in January 2007. Everything was going well at first but I am a small church pastor and towards the end of 2007 the church had some financial problems which reverberated to my household. We became behind a couple of months on the payment and then set up a repayment plan. It didn't work and finally in February I received an intention to foreclose letter in February. I contacted the home retention and began the process for loan mod. The negotiator called me a couple of days after I contacted home retention and we got the ball rolling. The negotiator Jackie Duvall told me that I didn't have to pay anything on my mortgage until everything was done. So, I didn't worry about it. Just paid off some old debts and went on my merry little way. I recently started a managerial job that is really helping out. No worries at all that is until I received the letter about the name change a week ago. Now, this worried me so I contacted Jackie and she told me that it would not affect the loan mod. In fact, by the time I called her, they had received the title and was waiting on the approval. She called me on Friday and informed me that it had been approved and that I would get my package on Monday. This is how it changed: Original note: monthly payment of $1535, 2 year ARM starting at 9.550% increasing to 10.75% in 2009. No escrow in the original note which caused us to get behind on our taxes. By the time the loan mod started going into place, the back taxes were almost $7000! New note: monthly payment of $1700 with 7.5% interest, increasing to a fixed rate of 9.5% in five years. All back taxes, past due mortgage, and escrow account are included in the payment. With the new job and can afford the payments and everything is working out. :D